股权结构与财务困境变化趋势关系分析——来自制造行业上市公司的实证研究

An Analysis of the Relationship between Ownership Structure and the Changing Trend of Financial Distress——An Empirical Study of the Listed Companies in Manufacturing Industry

本文以制造行业2007年陷入财务困境的戴星公司和摆脱困境的摘星(帽)公司为研究样本。研究发现:改善第一大股东持股比例,第二大股东对第一大股东适度制衡有利于上市公司摘星(帽)走出困境;大股东持股较为稳定的财务困境上市公司更容易摆脱困境,摘星(帽)变为正常公司。

The authors take the companies in manufacturing industry which got into financial distress and those which got rid of financial distress in 2007 as the research samples. The research finds that the improvement of the share-holding proportion of the largest shareholder and the moderate ownership check and balance from the second largest shareholder will help listed companies to overcome financial distress. The study also finds that the listed companies in which large shareholders＇ shares are stable can get rid of financial distress and become normal companies easily.