【作者】 刘丹凤；

【导师】 罗福凯；

【作者基本信息】 中国海洋大学 ， 会计学， 2008， 硕士

【摘要】 对上市公司财务困境的预测一直是国内外学术界研究的热点,但绝大部分的研究均局限于使用会计信息,几乎没有考虑到公司治理方面的问题——尤其是国内学者。然而近年来国内外大量关于公司治理结构与公司业绩关系的研究表明,公司治理结构对公司业绩有着显著的影响。为此,有必要把公司治理作为研究公司财务困境的一个角度。本文的主要内容和结构分为五章。第一章是引言,介绍研究背景、研究问题和意义。第二章回顾了财务困境的基础理论和实证研究成果,重点分析了财务困境界定与公司治理的关系以及财务困境预测与公司治理的关系。第三章和第四章是本文的主体部分。运用统计学、计量经济学的手段,对财务困境与公司治理结构之间的关系进行研究。文中将被特别处理作为企业陷入财务困境的标志。在理论分析的基础上首先提出7个假设,然后选择了2007年上半年被ST的上市公司为样本,并且1:2选择配比样本,最终一共选择了162家公司共162个样本观察值进行Logit回归分析。模型最后确定了8个解释变量,最后进入模型的一共有四个解释变量:股权集中系数、股权制衡度、独立董事比例、董事会规模;国家股持股比例、法人股持股比例、两职合一情况、董事会会议频率四个变量被剔除。回归的结果表明:独立董事比例与财务困境的发生负相关;董事会规模与财务困境的发生微弱正相关;股权集中度与财务困境呈正相关关系,股权制衡度与财务困境的发生负相关,即股权制衡度越强,越不容易陷入财务困境。另外对上市公司摆脱财务困境,从内部治理机制和外部治理环境方面提出建议。第五章为结论部分。经过第四章实证分析,对于进入模型的治理指标进行分析,得出财务困境公司要从以下两个方面着手解决财务困境问题:股东结构方面,建立有一定集中度、有相对控股股东并且有其他大股东存在的,即适度集中又相互制衡的股权结构;董事会方面,提高独立董事比例,充分发挥独立董事的独立性。上市公司摆脱困境,一方面需要困境公司结合自身情况另一方面也需要国家立法部门、证券监管部门等相关部门的指导和努力。对于实证结果的分析,本文没有停留在内部治理结构角度思考问题,而是结合公司治理理论,深入探讨了内部治理机制和外部治理环境的因素的影响,相比单纯从内部治理结构的分析,更加全面。运用规范和实证分析相结合,从微观和宏观、企业内部和外部多角度进行论证,使对财务困境与公司治理关系的研究更加系统。更多还原

【Abstract】 Financial distress of listed companies is forecast at home and abroad has been a hot academic research, but most of the studies were limited to the use of accounting information, almost did not take into account the area of corporate governance issues - particularly the domestic scholars. However, in recent years both at home and abroad a large number of studies on the relationship of corporate governance structure and corporate performance relationship show that corporate governance structure has significantly affected the performance of the companies. Therefore, it is necessary to study corporate governance as the company’s financial distress from a different angle.The main content is divided into five chapters. Introduction Chapter 1 is on the background, research issue and significance. The second chapter reviews the financial distress of the theoretical and empirical basis of research results, especially on the financial distress with the definition of the relationship between corporate governance and financial distress forecasts and the relationship between corporate governance. Chapter III and IV are the main parts of this paper. Chapter III uses of statistics, econometrics means, the financial distress of corporate governance structure and the relationship between the researches. The text will be dealt with as part of a special financial distress of the signs. In theory on the basis of the analysis of the first seven assumptions, and then selects the first half of 2007 listed companies with ST samples, and sample ratio of 1:2 choice, and ultimately choose a total of 162 companies have a total of 162 samples for observation Logit regression analysis. Finalization of the model to explain the eight variables, entered the final model explained a total of four variables: Equity concentration factor, stock checks and balances, the proportion of independent directors, the Board scale equity ratio of state-owned shares and legal person shares the proportion of shares held, the two posts unity, frequency of meetings of the Board four variables been removed. Regression results indicate that: the proportion of independent directors in the financial distress of the negative correlation with the size of the Board of Trustees of the financial distress of a weak positive correlation with the equity focus on the financial distress of the positive correlation between the equity and the checks and balances of financial distress related to the occurrence of negative, that is, equity The higher degree of checks and balances, the more vulnerable to financial distress. In order to get rid of financial distress, Chapter IV gives some proposals from the internal mechanisms and external governance environmental. The conclusion is in the fifth chapter.An Empirical Analysis of the fourth chapter, entered the model of governance indicators of the financial distress that the company must address the following two financial distress: shareholder structure, and building a certain degree of centralization, the controlling shareholder and a relative other big Existing shareholders, and that the appropriate checks and balances on the shareholding structure of the Board of Trustees, raising the proportion of independent directors, give full play to the independence of independent directors. Listed companies out of its predicament. Distress of the need to combine their companies in other departments also need national legislation, the securities regulatory departments, and other relevant departments of the guidance and effort.The empirical results of the analysis, this paper does not remain in the internal control structure perspective, but with corporate governance theory, in-depth study of the mechanism of internal control and external environmental protection factors, from simple compared to the internal control structure analysis, a more comprehensive . An Empirical Analysis of norms and use of combination, from the micro and macro levels, internal and external multi-angle to conduct feasibility studies to the financial distress and Corporate Governance Study on the relationship more systematicly.更多还原