上市公司陷入财务困境可能性研究

The Possibility of Financial Distress of Listed Company

目前关于财务及困境的研究大多局限于基于界面数据的静态计量和统计模型,如多元判别分析、Logit模型,忽视了公司的财务状态是不断变化的事实。为完整刻画财务比率和未观测变量对财务困境的影响,本文通过建立一般化的面板数据模型来研究上市公司陷入财务困境的情形。通过面板数据模型研究,获得了加速或减缓公司陷入财务困境的财务因子,并且通过边际分析,得到财务因子对财务状态的影响程度。

The recent studies of financial distress of listed companies are mostly confined to static econometric and statistical method,such as mtdtiple discriminant analysis and logistic analysis based on the cross-section- al financial data,but ignore the fact that the companies finance status is a dynamic process.The paper establi- shes a panel data model to study the financial distress.This model not only reflects the dynamical financial changes,but also gives more precise information with respect to unobserved ...