上市公司财务困境与财务破产的比较分析

Comparative Analysis of Corporate Financial Distress and Financial Bankruptcy

与任何其他组织一样 ,企业也有一个生死病老的过程 ,如何对普通病症和高危病症予以区分 ,采取不同的预防、诊断和治疗措施 ,无疑将有利于企业的健康发展。本文认为 ,财务困境和财务破产可以作为上市公司两种不同的财务状况 ,应采取不同的预防、诊断和治疗措施。现有文献将财务困境与财务破产不加区别 ,不利于公司财务状况的正确判别和分析 ,进而影响公司财务政策的正确制定。本文在重新界定财务困境和财务破产的概念及其差异的基础上 ,以我国上市公司三年的财务数据为样本 ,对公司财务困境和财务破产进行实证分析。研究结果表明 ,我国上市公司确存在财务困境和财务破产两种不同的财务状况。盈利能力、资产负债率、公司规模同时对陷入财务困境和财务破产的公司有显著影响 ,它们是导致公司陷入财务困境和财务破产状况的重要原因。与国外类似研究不同的是现金流量信息对于我国上市公司的财务困境和财务破产皆没有解释力。

This paper argues that corporate financial distress and financial bankruptcy are two different financial situations,and they should be forecasted,diagnosed and cured with different methods.Current literatures take financial distress and financial bankruptcy as same concept,this will go against discriminate and analyze corporate financial situation,and will influence corporate financial policy.Base on redefining the concepts of financial distress and financial bankruptcy,this paper takes 3 years listed companies as sample,to study corporate financial distress and financial bankruptcy empirically,our result indicates that there is exist financial distress and financial bankruptcy two different situations in listed companies.Profitability,leverage and firm size can influence simultaneously financial distress and financial bankruptcy significant,they are the main reasons for firm get into distress and bankrupt.However,different with foreign studies,cash flow information has not explaining power both to financial distress and financial bankruptcy.