财务困境、财务困境间接成本与公司业绩

Corporate Financial Distress, Financial Distress Indirect Cost and Performance

本文研究了上市公司财务困境、财务困境间接成本及其与公司业绩之间的关系。通过实证研究企业陷入财务困境以后业绩变化的情况,本文认为,我国上市公司的间接财务困境成本显著为正,从总体来看,公司的间接困境成本大约为企业价值总额的25％-36.5％之间,资本结构对这种业绩的变化所引起的困境间接成本具有显著影响。负债率越高的企业,在困境期内将损失越大的市场份额和利润。

This paper focuses on corporate financial distress, corporate financial distress indirect cost and its relationship with corporate performance. We argue that corporate financial distress indirect cost is positive significantly by examining the performance changes after firm get into financial distress, in general, Corporate financial distress indirect cost take firm total value from 25 percent to 36.5 percent. Corporate capital structure has a significant impact on financial distress indirect cost causing by performance change. The high debt ratio of firms will lose more market share and profit in the period of financial distress.