我国上市公司的财务困境成本及其影响因素分析

A Study on Financial Distress Costs and it’s Determinants in China

本文选择1998—2002年间沪深股市40家ST摘帽公司A股为样本,从“经营业绩观”和“权益价值观”两个角度考察我国上市公司是否存在财务困境成本。结果发现:(1)从陷入财务困境之前到解除财务困境之后,基于“经营业绩观”,企业经行业调整之后的平均主营业绩有所增长,但基于“权益价值观”,经过市场调整之后的权益市场价值平均下降了2.04%,表明投资者平均承担2.04%的财务困境成本,说明虽然企业在解除财务困境之后经营业绩较之于陷入财务困境之前有所增长,但这种经营业绩上的增长并未带来权益市场价值的提高。(2)行业因素和企业规模是影响财务困境的重要因素。当财务困境企业所在行业业绩不佳时财务困境成本较高;企业的资产规模与财务困境成本呈显著的正向关系。

By selecting a sample of 40 A-shares with ST listed in Shanghai and Shenzhen Stock Exchanges during the period of 1998-2002, this paper discusses quantitative measurements of financial distress costs of these firms both from financial performance point of view and from market value point of view. The empirical results show that on average financially distressed firm’s industry-adjusted financial performance increases from pre-distress to post-distress, but the adjusted market value of equity decreases 2.04% on average. The empirical results also reveal that financial distress cost is nega- tively related to industrial factor and positively related to firm’s size.