财务困境与公司治理关系研究
|
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。
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.
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。
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.
引文
[1] Beaver. W. Financial Ratios as Predictors of Failure. Supplement to Journal of Accounting Research [J]. 1966. 77~111
[2] Altman. E. Financial Ratios, Discriminate Analysis and the Prediction of Corporate Bankruptcy. Journal of Finance [J]. 1968(23): 589~609
[3] Deakin. EB. A Discriminant Analysis of Predictors of Failure. Journal of Accounting Research [J]. 1972(10): 167~179
[4] Tim C. Opler , Sheridan Titman.Financial Distress and Corporate Performance. The Journal of Finance[J].1994(7): 1015~1023
[5] Carmichael. D. R. Auditor’s Reports a Search for Criteria. Journal of Accountancy [J]. 1972
[6]王震,刘力,陈超.中国上市公司财务困境、所有权与公司治理(英文)[J]. Petroleum Science,2004,(1)
[7]周利芬,尹光辉.财务困境预警建模方法研究述评[J].统计与决策,2007,(24)
[8]王耀.财务困境上市公司治理弱化分析及对策研究[J].改革与战略,2007,(10)
[9]王耀.公司财务困境概念研究[J].煤炭经济研究,2007,(5)
[10]陈新桂.财务困境上市公司治理失败的实证研究[J].财经科学,2007,(4)
[11]桂梦吟,伍硕频.非财务视角下财务困境预警模型研究[J].金融经济,2007,(22)
[12]王宗军,李红侠.上市公司治理因素与财务困境关系的实证研究[J].管理学报,2007,(6)
[13]徐佳.我国上市公司财务困境与公司治理的相关性分析[J].会计师,2007,(11)
[14]袁卫秋.基于会计和治理信息的财务困境预测模型研究[J].证券市场导报,2006,(8)
[15]邓晓岚,王宗军,李红侠,杨忠诚.非财务视角下的财务困境预警——对中国上市公司的实证研究[J].管理科学,2006,(3)
[16]章之旺,吴世农.经济困境、财务困境与公司业绩[J].财经研究,2005,(5)
[17]牛瑞同,章之旺.我国财务困境上市公司的财务行为研究[J].市场周刊.研究版,2005,(3)
[18]封铁英.资本结构选择偏好与企业绩效的关系研究——基于上市公司“过度负债”与“财务保守”行为的实证分析[J].科研管理,2006,(6)
[19]朱辉,孟祥松.资本结构与公司治理关系评析[J].边疆经济与文化,2006,(11)
[20]房振明等.我国上市公司治理对资本结构影响的实证分析[J].经济与管理研究,2006,(9)
[21]章之旺,吴世农.财务困境成本理论与实证研究综述[J].会计研究,2006,(5)
[22]王克敏等,宏观经济环境、公司治理与财务困境研究[J].经济与管理研究.2006,(9)
[23]龚凯颂,吴静.上市公司对外担保与财务困境的实证研究[J].财会通讯(综合版),2005,(11)
[24]李秉成,扬七中,刘芬芳.上市公司财务困境比率征兆研究[J].财会通讯(综合版),2004,(3)
[25]杨淑娥.企业财务危机预警的经济动因与循环机理剖析[J].会计之友(下),2006,(1)
[26]陆正飞,叶康涛.中国资本市场的公司财务研究:回顾与评论(下)[J].财会通讯,2004,(6)
[27]陆正飞,叶康涛.中国资本市场的公司财务研究:回顾与评论(上)[J].财会通讯,2004,(5)
[28]邓晓岚,王宗军,李红侠,杨忠诚.非财务视角下的财务困境预警——对中国上市公司的实证研究[J].管理科学,2006,(3)
[29]曾宏,陈新桂等.财务困境上市公司资本结构选择研究[J].重庆建筑大学学报,2006,(3)
[30]李秉成.企业财务困境形成过程研究.当代财经,2004,(1)
[31]沈艺峰.ST公司治理失败若干成因分析.证券市场导报,2002,(3)
[32]鲜文铎,向锐.基于混合Logit模型的财务困境预测研究[J].数量经济技术经济研究,2007,(9)
[33]罗福凯.战略财务管理[M].青岛:青岛海洋大学出版社,2000
[34]李子奈,潘文卿.计量经济学[M].北京:高等教育出版社.2005
[35]蔡建琼等.SPSS统计分析实例精选[M].北京:清华大学出版社.2006
[36]王化成等.财务管理研究[M].北京:中国金融出版社.2006
[37]王志伟.财务困境及其与资本结构、治理结构的关系[M],兰州:甘肃人民出版社,2006
[38]陈余有.财务危机运营:企业理财安全机制探索[M].合肥:合肥工业大学出版社,2003
[39]张鸣,张艳,程涛.企业财务预警研究前沿[M].北京:中国财政经济出版社,2004
[40]陈良钦.公司治理理论与中国公司治理研究[M].长沙:中南大学出版社,2006
[41]衣龙新.公司财务治理论[M].北京:清华大学出版社.2005
[42] (美)保罗.W.麦卡沃伊,公司治理的循环性危机.(赵玲译).北京:北京大学出版社,2006
[43]张景.中国上市公司财务困境预测研究:[硕士学位论文].山东农业大学,2007
[44]何平.公司治理对财务困境作用机理的计量分析:[博士学位论文].吉林大学,2007
[45]王海盛.中国上市公司财务困境与公司治理的关系研究:[硕士学位论文].天津大学,2006
[46]李妮娜.公司治理结构与财务困境研究:[硕士学位论文].重庆大学,2006
[47]谭一可.引入非财务变量的上市公司财务困境预警实证研究:[硕士学位论文].湖南大学,2005
[48]程继爽.我国上市公司陷入财务困境的原因及控制:[硕士学位论文].武汉科技大学,2005
[49]朱艳.财务困境上市公司治理失败的成因研究:[硕士学位论文].重庆大学,2005
[50]崔建伟.中国上市公司财务困境研究——基于公司治理结构的分析:[硕士学位论文].吉林大学,2004
[2] Altman. E. Financial Ratios, Discriminate Analysis and the Prediction of Corporate Bankruptcy. Journal of Finance [J]. 1968(23): 589~609
[3] Deakin. EB. A Discriminant Analysis of Predictors of Failure. Journal of Accounting Research [J]. 1972(10): 167~179
[4] Tim C. Opler , Sheridan Titman.Financial Distress and Corporate Performance. The Journal of Finance[J].1994(7): 1015~1023
[5] Carmichael. D. R. Auditor’s Reports a Search for Criteria. Journal of Accountancy [J]. 1972
[6]王震,刘力,陈超.中国上市公司财务困境、所有权与公司治理(英文)[J]. Petroleum Science,2004,(1)
[7]周利芬,尹光辉.财务困境预警建模方法研究述评[J].统计与决策,2007,(24)
[8]王耀.财务困境上市公司治理弱化分析及对策研究[J].改革与战略,2007,(10)
[9]王耀.公司财务困境概念研究[J].煤炭经济研究,2007,(5)
[10]陈新桂.财务困境上市公司治理失败的实证研究[J].财经科学,2007,(4)
[11]桂梦吟,伍硕频.非财务视角下财务困境预警模型研究[J].金融经济,2007,(22)
[12]王宗军,李红侠.上市公司治理因素与财务困境关系的实证研究[J].管理学报,2007,(6)
[13]徐佳.我国上市公司财务困境与公司治理的相关性分析[J].会计师,2007,(11)
[14]袁卫秋.基于会计和治理信息的财务困境预测模型研究[J].证券市场导报,2006,(8)
[15]邓晓岚,王宗军,李红侠,杨忠诚.非财务视角下的财务困境预警——对中国上市公司的实证研究[J].管理科学,2006,(3)
[16]章之旺,吴世农.经济困境、财务困境与公司业绩[J].财经研究,2005,(5)
[17]牛瑞同,章之旺.我国财务困境上市公司的财务行为研究[J].市场周刊.研究版,2005,(3)
[18]封铁英.资本结构选择偏好与企业绩效的关系研究——基于上市公司“过度负债”与“财务保守”行为的实证分析[J].科研管理,2006,(6)
[19]朱辉,孟祥松.资本结构与公司治理关系评析[J].边疆经济与文化,2006,(11)
[20]房振明等.我国上市公司治理对资本结构影响的实证分析[J].经济与管理研究,2006,(9)
[21]章之旺,吴世农.财务困境成本理论与实证研究综述[J].会计研究,2006,(5)
[22]王克敏等,宏观经济环境、公司治理与财务困境研究[J].经济与管理研究.2006,(9)
[23]龚凯颂,吴静.上市公司对外担保与财务困境的实证研究[J].财会通讯(综合版),2005,(11)
[24]李秉成,扬七中,刘芬芳.上市公司财务困境比率征兆研究[J].财会通讯(综合版),2004,(3)
[25]杨淑娥.企业财务危机预警的经济动因与循环机理剖析[J].会计之友(下),2006,(1)
[26]陆正飞,叶康涛.中国资本市场的公司财务研究:回顾与评论(下)[J].财会通讯,2004,(6)
[27]陆正飞,叶康涛.中国资本市场的公司财务研究:回顾与评论(上)[J].财会通讯,2004,(5)
[28]邓晓岚,王宗军,李红侠,杨忠诚.非财务视角下的财务困境预警——对中国上市公司的实证研究[J].管理科学,2006,(3)
[29]曾宏,陈新桂等.财务困境上市公司资本结构选择研究[J].重庆建筑大学学报,2006,(3)
[30]李秉成.企业财务困境形成过程研究.当代财经,2004,(1)
[31]沈艺峰.ST公司治理失败若干成因分析.证券市场导报,2002,(3)
[32]鲜文铎,向锐.基于混合Logit模型的财务困境预测研究[J].数量经济技术经济研究,2007,(9)
[33]罗福凯.战略财务管理[M].青岛:青岛海洋大学出版社,2000
[34]李子奈,潘文卿.计量经济学[M].北京:高等教育出版社.2005
[35]蔡建琼等.SPSS统计分析实例精选[M].北京:清华大学出版社.2006
[36]王化成等.财务管理研究[M].北京:中国金融出版社.2006
[37]王志伟.财务困境及其与资本结构、治理结构的关系[M],兰州:甘肃人民出版社,2006
[38]陈余有.财务危机运营:企业理财安全机制探索[M].合肥:合肥工业大学出版社,2003
[39]张鸣,张艳,程涛.企业财务预警研究前沿[M].北京:中国财政经济出版社,2004
[40]陈良钦.公司治理理论与中国公司治理研究[M].长沙:中南大学出版社,2006
[41]衣龙新.公司财务治理论[M].北京:清华大学出版社.2005
[42] (美)保罗.W.麦卡沃伊,公司治理的循环性危机.(赵玲译).北京:北京大学出版社,2006
[43]张景.中国上市公司财务困境预测研究:[硕士学位论文].山东农业大学,2007
[44]何平.公司治理对财务困境作用机理的计量分析:[博士学位论文].吉林大学,2007
[45]王海盛.中国上市公司财务困境与公司治理的关系研究:[硕士学位论文].天津大学,2006
[46]李妮娜.公司治理结构与财务困境研究:[硕士学位论文].重庆大学,2006
[47]谭一可.引入非财务变量的上市公司财务困境预警实证研究:[硕士学位论文].湖南大学,2005
[48]程继爽.我国上市公司陷入财务困境的原因及控制:[硕士学位论文].武汉科技大学,2005
[49]朱艳.财务困境上市公司治理失败的成因研究:[硕士学位论文].重庆大学,2005
[50]崔建伟.中国上市公司财务困境研究——基于公司治理结构的分析:[硕士学位论文].吉林大学,2004