公司治理与财务困境:来自上海股票市场的证据

Corporate governance and financial distress: evidence from Shanghai security market

近年来的研究表明,大多数国家的公司中都存在最终控制人。最终控制人的存在侵害了中小股东的利益,从而造成了公司价值的下降。然而,这还不能确定公司治理结构与财务困境之间是否存在相关性。通过对上海股票市场上市公司的研究,发现独立董事比例、第一大股东持股比例、现金流量权与表决权的偏离等治理结构变量确实与财务困境存在相关性,建立预测模型进行预测时能够达到很高的预测精度。

Some recent researches show that companies of most countries have the phenomenon of ultimate controller.Prior empirical evidence supports that the weak corporate governance tends to result in minority expropriation,and in turn reduce the corporate value.However,it is not clear whether the corporate financial distress is related to these corporate governance characteristics.To answer the question,this paper researches into the listed companies in Shanghai security market and finds that the percentage of the independent director,the percentage of the directors occupied by the largest shareholder and the deviation of the cash flow right and the voting right are related to the financial distress.The model established can make an accurate prediction.