In combination with socio-economic development of China＇s current status, this article analyzes the characteristics of several typical financial behavior of loss listed companies in China. Among them, the debt financ...In combination with socio-economic development of China＇s current status, this article analyzes the characteristics of several typical financial behavior of loss listed companies in China. Among them, the debt financing behavior have a high level, a single means, a short-term structured and other characteristics, the corporate governance behavior have a goal of collaborative, several forms, and a complex environment, the earnings management behavior have diverse motives, many types of means, bigger range and other features, the asset restructuring behavior have a passive subject, methods of differentiation, performance-oriented features such as myopia.展开更多
The article combines the background of Chinese system, theoretically derivates the relationship between corporate governance and their financial value, selects a sample of loss listed companies from 2003 to 2009, and ...The article combines the background of Chinese system, theoretically derivates the relationship between corporate governance and their financial value, selects a sample of loss listed companies from 2003 to 2009, and studies how the level of corporate governance affects the value of listed company losses. Research results show that, among corporate governance factors, the largest shareholder and the market for corporate control have obvious positive effects on the financial value of loss listed companies; the proportion of state-owned shares, the type of audit opinion, and corporate govemance factors have obvious negative effects on the financial value of loss listed companies; and managerial ownership, the proportion of independent directors, and the size of the board have no obvious driving effect on the financial value of loss listed companies.展开更多
基金The authors are grateful for financial support from the fund of the China National Social Science Fund Project （09CJY085）, China Postdoctoral Science Foundation （20100470109）, and the authors would like to thank to the funding by the Ministry of education of Humanities and social sciences research Youth Project （11YJC630243, 12YJC630010, and ＂Investors＇ expectancy, loss reversibility and the value of negative equity firms＂） Central University basic research funds （SWU1309116, SWU1309202）.
文摘In combination with socio-economic development of China＇s current status, this article analyzes the characteristics of several typical financial behavior of loss listed companies in China. Among them, the debt financing behavior have a high level, a single means, a short-term structured and other characteristics, the corporate governance behavior have a goal of collaborative, several forms, and a complex environment, the earnings management behavior have diverse motives, many types of means, bigger range and other features, the asset restructuring behavior have a passive subject, methods of differentiation, performance-oriented features such as myopia.
文摘The article combines the background of Chinese system, theoretically derivates the relationship between corporate governance and their financial value, selects a sample of loss listed companies from 2003 to 2009, and studies how the level of corporate governance affects the value of listed company losses. Research results show that, among corporate governance factors, the largest shareholder and the market for corporate control have obvious positive effects on the financial value of loss listed companies; the proportion of state-owned shares, the type of audit opinion, and corporate govemance factors have obvious negative effects on the financial value of loss listed companies; and managerial ownership, the proportion of independent directors, and the size of the board have no obvious driving effect on the financial value of loss listed companies.
