产权性质、政府干预与企业财务困境应对——基于中国远洋、尚德电力和李宁公司的多案例研究

Ownership Type,Government Intervention and Resolutions of Financial Distress——Case Studies of China COSCO Holdings Co.Ltd,Suntech Power Holdings Co.Ltd,and Li Ning Co.Ltd

本文以中国远洋、尚德电力和李宁公司为研究对象,分析了财务困境企业的应对措施,并从产权性质和政府干预的视角进行了解释。本文发现,为了应对财务困境,企业需要站在全局的角度进行公司治理重组、战略和运营重组、资产重组和财务重组。在重组中,国有企业更倾向于采取关联交易等非市场化手段,而民营企业更注重公司战略和经营策略的调整。国有企业的财务困境应对成本要显著小于民营企业。对于财务困境企业,政府干预体现为"支持之手"。政府干预的"支持之手"不仅体现为国有企业中的预算软约束,也会对民营企业发挥作用。但是,投资者对政府干预导致民营企业应对财务困境措施的非市场化反应消极。

This paper discusses different resolutions of financially distressed firms and explains the differences of the resolutions by analyzing their ownership types and government interventions on them using three Chinese companies,China COSCO Holdings Co. Ltd,Suntech Power Holdings Co. Ltd,and Li Ning Co. Ltd. The paper shows that for resolving the financial distress problem,firms have to make basic changes by taking multiple measures including corporate governance restructuring,strategic and operational restructuring,assets restructuring and financial restructuring. State- owned companies prefer to use non- market- orientated resolutions such as related transactions whilenon- state- owned firms focus on the restructure of corporate strategy and improvement of operation efficiency. The cost of financial distress for state- owned company is less than non- state- owned company. Government intervenes financially distressed companies by offering help. The government intervention can help state- owned companies,which is called the soft-budget problem,and it can also help non- state- owned companies. But investors of non- state- owned companies don't show their positive response to the resolutions which are affected by government intervention.