上市公司治理因素与财务困境关系的实证研究

对中国上市公司治理因素与财务困境的关系进行了实证研究。以1998~2005年被ST(special treatm ent)的公司及其配对样本共计528家作为研究样本,通过使用二元Log istic回归分析方法,发现大股东持股比例、H-10股权集中指数、股权制衡度、国家股比例、最终控制人类型、独立董事持股比例以及审计意见与公司发生财务困境的可能性显著负相关,管理者代理成本显著提高了公司陷入财务困境的危险性。而高管持股比例、董事会规模以及CEO的双职合一对困境发生的概率无显著影响。

Empirical Study of the Relationship Between Corporate Governance Characteristics and Financial Distress in Listed Companies

The relationship between the corporate governance characteristics and the financial distress for Chinese listed companies was investigated empirically.Taking 528 listed companies from1998 to 2005(264 financial distressed companies and 264 healthy companies) as a sample,binary logistic analysis was used to test the effect of the ownership structure characteristics on the probability of financial distress.Ownership concentration,state ownership,ultimate controller,independent directors and auditors' opinion turn out to be negatively associated with the probability of financial distress,while administrative expense ratio is positively related with the likelihood of financial distress.Managerial ownership,board size and CEO duality are not significant determinants.