第
30
卷
摇
第
3
期 马若微
,
魏琪瑛
:
公司治理因素对上市公司财务困境恢复的影响研究
61 - 83.
[
9
]
赵丽琼
.
财务困境公司的重组战略
———
基于中
国上市公司的实证分析
[
J
]
.
商业研究
,
2009
(
2
):
193 -
197.
[
10
]
董保国
.
我国上市公司财务困境恢复影响因素
研究
[
D
]
.
厦门
:
厦门大学
,
2009.
[
11
]
路璐
.
上市公司治理结构对财务困境恢复影响
的分析
[
D
]
.
合肥
:
中国科学技术大学
,
2010.
[
12
]
倪中新
,
张杨
.
基于
Cox
比例危险模型的制造
业财务困境恢复研究
[
J
]
.
统计与信息论坛
,
2012
(
1
):
15 - 20.
[
13
]
吴敬琏
.
现代公司与企业改革
[
M
]
.
天津
:
天
津人民出版社
,
1994.
[
14
]
李秉祥
.
企业财务危机非线性组合预测方法及
实证
[
J
]
.
系统工程理论方法应用
,
2004
(
3
):
222 - 225.
[
15
]
尹斌
.
我国上市公司财务困境恢复的影响因素
研究
[
J
]
.
会计之友
,
2012
(
17
):
74 - 77.
[
16
]
过新伟
,
胡晓
. CEO
变更与财务困境恢复
———
基于
ST
上市公司
“
摘帽
冶
的实证研究
[
J
]
.
首都经济贸
易大学学报
,
2012
(
3
):
47 - 54.
[
17
]
李婷
,
张迪
.
管理者过度自信
、
融资决策与财务
困境关系研究
[
J
]
.
中南财经政法大学研究生学报
,
2013
(
1
):
109 - 115.
[
18
]
和丽芬
,
朱学义
,
王传彬
.
内部控制质量与财
务困境恢复
———
基于
2007
年
~ 2011
年沪深
A
股
ST
公
司数据
[
J
]
.
经济经纬
,
2014
(
1
):
118 - 123.
Research on Influence of Corporate Governance Factors on
Corporate Financial Distress Recovery
MA Ruowei
1
& WEI Qiying
2
(
1. School of Economics
,
Beijing Technology and Business University
,
Beijing 100048
,
China
;
2. CIA
,
National Financial Information Center of Xinhua News Agency
,
Beijing 100052
,
China
)
Abstract
: This paper selects industry鄄wide listed companies on CSI A鄄share during the period from 2008 to 2013 as the
study sample, and uses Cox model to analyze their financial data and corporate governance data in 2013 for 2438 listed compa鄄
nies. The results show that the corporate financial distress recovery is significantly affected by the profitability indicators from fi鄄
nancial data factors and by the board of directors and the owners from corporate governance factors. The corporate governance fac鄄
tors greatly increase the accuracy and the overall effect of the financial distress prediction model. In particular, the board of di鄄
rectors and the owners improve the significance of Cox model and the fit of equation. Restricted by China蒺s national conditions,
the shareholding ratio of executives does not have a significant impact on the corporate financial distress recovery.
Key Words
: financial distress recovery; corporate governance; listed company; Cox model
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