股权结构影响公司“脱困”吗  

Does the Ownership Structure Affect the Company's Going out of Financial Distress

作　　者：麦海燕[1] 

机构地区：[1]南京大学商学院,江苏南京210039

出　　处：《山西财经大学学报》2010年第7期79-85,共7页Journal of Shanxi University of Finance and Economics

基　　金：江苏省教育厅高校哲学社会科学基金项目(项目编号:07SJD630030)

摘　　要：以2003～2008年沪深两市被ST、撤销ST或仍处于ST的262家(非金融类)上市公司为研究对象,从股权集中度、终极控制人性质和股东活跃程度三个方面,分析了公司治理对财务困境企业走出困境的影响,并进行了实证检验。检验结果表明,非国有控股的ST公司走出困境的概率显著高于国有控股的ST公司,ST公司股权集中度和股东活跃程度的提高与ST公司走出困境的概率显著正相关。The failure of corporate governance is the primary cause where the enterprises fall into distrees,while the ownership structure is the basis of corporate governance.Based on the sample of 262 China＇s listed companies in Shanghai and Shenzhen exchanges（non-financial）which were ST（namely Special Treatment）,revocation ST or stil in ST from 2003 to 2008,from three aspects,ownership concentration degree,the nature of the ultimate controlling shareholder and the level of Shareholder activity.The paper ananlyzes the effect about the corporate governance acting on the enterprise which would go out of financial distress,and the author examines it empirically.Results show that the probability of going out of distress for ST comanys of Non-government ownership is significantly higher than the ST comanys of government ownership;And it has positive correlation with the ownership concentration degree and the level of Shareholder activity.

关 键 词：公司治理 股权结构 财务困境 

分 类 号：F276.6[经济管理—企业管理]