【摘要】：隨著經(jīng)濟(jì)全球化的發(fā)展，市場競爭日趨激烈，因財(cái)務(wù)困境而走向破產(chǎn)的企業(yè)日益增多。尤其是2008年金融危機(jī)表現(xiàn)出來的微觀企業(yè)財(cái)務(wù)困境對(duì)宏觀金融系統(tǒng)穩(wěn)定性的沖擊，全球范圍內(nèi)陷入困境甚至破產(chǎn)的企業(yè)數(shù)量大幅度增加，眾多國際大型集團(tuán)公司也紛紛陷入困境。相關(guān)研究表明，企業(yè)陷入財(cái)務(wù)困境或是破產(chǎn)將會(huì)嚴(yán)重影響到企業(yè)的運(yùn)營、信用機(jī)構(gòu)的風(fēng)險(xiǎn)、投資者的利益，乃至整個(gè)國家的經(jīng)濟(jì)發(fā)展（Altman，1984；Andrade、Kaplan，1998）。這些經(jīng)驗(yàn)在我國資本市場上也得到了有力的證明：首先，，陷入財(cái)務(wù)困境的上市公司一般會(huì)遭受重大打擊。李秉成（2004）研究表明，我國上市公司在陷入ST當(dāng)年的平均資產(chǎn)總額為其陷入ST前第2年的67.52%，即減少32.48%；其次，財(cái)務(wù)困境會(huì)給其利益相關(guān)者帶來損失，我國上市公司在陷入ST當(dāng)年的平均股東權(quán)益僅為其陷入ST前2年的24.84%。另外，吳世農(nóng)和章之旺（2005）研究也表明，我國上市公司在ST期間，公司權(quán)益市場價(jià)值平均下降2.04%，即投資者平均承擔(dān)2.04%的財(cái)務(wù)困境成本。可見，我國上市公司因?yàn)樨?cái)務(wù)困境所帶來的成本也不容忽視，較高的財(cái)務(wù)困境成本將會(huì)嚴(yán)重制約我國證券市場和資本市場的效率。 本文選取2004年-2009年我國滬深兩市A股市場上每年新增的非金融行業(yè)的ST公司共166家作為財(cái)務(wù)困境公司的研究樣本。采用企業(yè)被ST前后各一個(gè)年度之間經(jīng)行業(yè)調(diào)整之后的經(jīng)營業(yè)績變化率的負(fù)向變化來度量為財(cái)務(wù)困境成本，從公司內(nèi)部治理機(jī)制來研究其對(duì)財(cái)務(wù)困境成本的影響。本文共分六部分：第一部分是緒論。本部分主要闡述本文的選題背景、意義，對(duì)財(cái)務(wù)困境、財(cái)務(wù)困境成本的概念進(jìn)行界定，提出本文的研究框架。第二部分是對(duì)國內(nèi)外關(guān)于財(cái)務(wù)困境成本的研究文獻(xiàn)進(jìn)行綜述。從財(cái)務(wù)困境與企業(yè)業(yè)績研究、財(cái)務(wù)困境成本的計(jì)量、公司治理的相關(guān)研究、財(cái)務(wù)困境成本的影響因素研究等方面進(jìn)行文獻(xiàn)回顧。第三部分是理論分析及研究假設(shè)。本文從股權(quán)結(jié)構(gòu)、董事會(huì)特征和高管薪酬三個(gè)方面來論述其對(duì)財(cái)務(wù)困境成本的影響，并提出假設(shè)。第四部分是研究設(shè)計(jì)。對(duì)相關(guān)變量進(jìn)行定義，構(gòu)建出分析模型。第五部分是實(shí)證分析。對(duì)研究樣本進(jìn)行描述性統(tǒng)計(jì)、單變量分析及多變量統(tǒng)計(jì)分析來驗(yàn)證第三章提出的研究假設(shè)。第六部分是結(jié)論、不足及未來研究方向。闡述本文研究的主要結(jié)論，指出本文研究的局限，并提出本文的后續(xù)研究方向。研究認(rèn)為，董事會(huì)規(guī)模越大財(cái)務(wù)困境成本越小。企業(yè)的獨(dú)立董事人數(shù)越多、第一大股東持股比例越大、高管薪酬越高，企業(yè)的財(cái)務(wù)困境成本越高。陷入財(cái)務(wù)困境的企業(yè)能否及時(shí)的脫離出來，進(jìn)而降低由財(cái)務(wù)困境成本所帶來的各種負(fù)面影響，這在很大程度上取決于上市公司治理機(jī)制的有效程度。處于業(yè)績下滑與財(cái)務(wù)困境當(dāng)中的企業(yè)，若其具有較好的公司治理機(jī)制，應(yīng)能充分及時(shí)的對(duì)其所發(fā)生的各種負(fù)面效應(yīng)進(jìn)行反映，從而實(shí)施及時(shí)、全面以及有效的彌補(bǔ)策略，以致于能夠最大限度地降低財(cái)務(wù)困境成本。
[Abstract]:With the development of economic globalization, the market competition is becoming increasingly fierce, and the number of enterprises going bankrupt due to financial distress is increasing. Especially, the impact of financial distress of micro-enterprises on the stability of the macro-financial system, the number of enterprises falling into distress or even bankruptcy in the global scope, has increased greatly, and many international enterprises have gone bankrupt. Research shows that financial distress or bankruptcy will seriously affect the operation of enterprises, the risk of credit institutions, the interests of investors, and even the economic development of the whole country (Altman, 1984; Andrade, Kaplan, 1998). These experiences are also powerful in China's capital market. Li Bingcheng (2004) shows that the average total assets of the listed companies in the year of ST in China are 67.52% in the second year before ST, that is to say, 32.48% less; secondly, the financial distress will bring losses to their stakeholders, and the listed companies in China are in ST. In addition, Wu Shinong and Zhang Zhiwang (2005) study also shows that the equity market value of Listed Companies in China dropped by 2.04% on average during the ST period, that is, investors bear an average of 2.04% of the financial distress costs. It can not be ignored that the higher financial distress cost will seriously restrict the efficiency of China's securities market and capital market.
This paper chooses 166 new non-financial companies in the A-share market of Shanghai and Shenzhen Stock Exchanges from 2004 to 2009 as the sample of financial distress companies. This paper is divided into six parts: the first part is the introduction. This part mainly elaborates the background and significance of the topic, defines the concepts of financial distress and financial distress cost, and puts forward the research framework of this paper. The second part is the research on financial distress cost at home and abroad. The third part is the theoretical analysis and research hypothesis. This paper discusses it from three aspects: ownership structure, board characteristics and executive compensation. The fourth part is the research design. The related variables are defined and the analysis model is constructed. The fifth part is the empirical analysis. This paper points out the limitations of this study and puts forward the direction of follow-up research. The study shows that the larger the board of directors, the smaller the cost of financial distress. Whether the enterprises in financial distress can get rid of it in time and reduce all kinds of negative effects brought by the cost of financial distress depends to a great extent on the effectiveness of the governance mechanism of listed companies. It reflects all kinds of negative effects and implements timely, comprehensive and effective remedial strategies so as to minimize the cost of financial distress.
【學(xué)位授予單位】：內(nèi)蒙古財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275.3;F224;F832.51

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