基于公司治理信息的财务困境预警实证研究  

An Empirical Study on Financial Distress Prediction Based on Corporate Governance

作　　者：郭辉洪[1] 周永强[1] 

机构地区：[1]厦门大学经济学院,福建厦门361005

出　　处：《统计与信息论坛》2008年第3期77-83,96,共8页Journal of Statistics and Information

摘　　要：在分别借助因子分析和单变量检验对公司财务信息和治理信息进行统计处理的基础上,构建并实证检验中国上市公司财务困境预警的两大模型,即仅包含财务信息与融合财务信息和公司治理信息的Logistic回归预警模型。实证结果表明:公司治理信息对公司陷入财务困境具有显著的影响,引入公司治理信息的模型预测能力更强。Statistically disposing corporate financial information and governance ingredient in virtue of factor analysis and paired- sample test respectively, the paper develops and empirically tests two Logistic regression models for predicting financial distress in China＇ s listed companies, i.e. model which just include financial indicators and modal which syncretize financial indicators and corporate governance indicators. The study finds that the corporate governance indicators are prominently related to financial distress; moreover, the model including corporate governance indicators dominates the other one.

关 键 词：财务困境 公司治理 因子分析 LOGISTIC回归 

分 类 号：F830.91[经济管理—金融学]