财务困境公司预警问题的股权结构视角再探讨  

Discussion Again on Financial Distress Prediction from the Perspective ofOwnership Structive

作　　者：田菁[1] 

机构地区：[1]天津商业大学经济学院,天津300134

出　　处：《现代财经（天津财经大学学报）》2008年第11期79-84,共6页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：天津市高等学校人文社科重大研究项目(2006ZH92)"技术创新与产业发展"之子课题"技术创新与产业制度环境"的支持。

摘　　要：由于股权结构与公司治理、公司绩效密切相关,所以它可以预警公司潜在的危机。本文在建立了基于股权结构的财务困境预警模型,并实证检验后发现,私人终极控制的上市公司具有较高的困境发生概率,而股权的适度集中有助于减少困境的发生。这表明,私有企业也具有严重的代理问题,特别是在投资者保护程度较低的情况下。Because ownership structure has close correlations with corporate government and corporate performance, so it can predict corporate latent crisis. This paper establishes corporate financial distress predicting system based on ownership structure for listed companies. The empirical researches show that distress probabilities are highest in the listed companies controlled by private entities. These indicate that privatization also has serious agency problem, especially under the circumstances of weak protection for outside shareholders.

关 键 词：财务困境 预警 股权结构 终极产权论 

分 类 号：F715.5[经济管理—产业经济]