公司治理对财务困境影响的分析

Corporate Governance and Financial Distress: An Empirical Study of Chinese Listed Companies

文章检验了公司治理因素对中国上市公司财务困境的解释力与预测力。实证结果显示大股东持股比例、国家股比例及独立董事的比例与公司发生财务困境的可能性呈显著负相关,违规行为和管理者代理成本与公司财务困境的危险性呈显著正相关。但是,股权制衡度、国家控股地位、高管持股比例、董事会规模和CEO的两职合一对困境发生概率无显著影响。

This study empirically examines the ability of corporate governance characteristics in explaining and predicting financial distress of Chinese listed companies. Using a sample of 97 financially distressed companies and 97 matching companies, we find that the large shareholders＇ ownership, the state ownership and the proportion of the independent directors are negatively associated with the probability of distress. Additionally, regulation violation and managerial agency costs are badly detrimental to companies＇ financial status. However, ownership balancing degree, state controlling right, managerial ownership, board size and CEO duality do not have any significant effects.