公司治理结构与财务困境相关性探究

Exploration on Correlation between Corporate Governance Structure and Financial Distress

公司治理结构特征是探究企业陷入财务困境原因不可忽略的方面。通过对来自中国上市公司的最新数据研究表明,股权集中度和高管薪酬两个因素与企业陷入财务困境的可能性显著负相关,较高的第一大股东持股比例和管理层待遇有助于企业避免陷入财务困境。这种结果体现了中国转型经济背景下企业在公司治理和财务管理衔接上的特殊性。企业应该重视并构建符合自身的公司治理结构,以有效规避财务困境。

The corporate governance structure factors are the system reasons of its financial distress. Based on the analysis of the concepts of corporate governance structure and financial distress, this paper firstly gives a theoretical exposition on the correlation between the two and proposed a series of basic hypothesis. Then it tests the hypothesis by running a logistic regression program with the newest data from Chinese listed companies. The results show that ownership concentration, executive compensation factors and the possibility of a company falling into financial distress are significantly negative correlated. Listed companies should establish a more effective corporate governance structure to avoid financial distress.