社会性负担与公司财务困境动态——基于ST制度的考察  

Social Burden and the Dynamics of Corporate Financial Distress——An Investigation Based on the ST Rules

作　　者：胡宁[1] 靳庆鲁[1] Hu Ning;Jin Qinglu

机构地区：[1]上海财经大学会计学院,200433

出　　处：《会计研究》2018年第11期28-35,共8页Accounting Research

基　　金：国家自然科学基金项目(71472114; 71625002);上海财经大学创新团队支持计划;教育部人文社会科学重点研究基地重大项目(简政放权与公司会计及财务问题研究)的资助

摘　　要：在政治锦标赛激励下,各级政府有强烈动机将社会性负担内化于企业的日常经营。本文以ST制度为切入点,考察公司承担的社会性负担对未来财务状况的动态影响。研究结果表明,社会性负担的承担显著提升了公司未来面临财务困境(表现为被ST)的概率,表现出市场竞争下的"优胜劣汰效应"。进一步的研究表明,基于社会性负担形成的预算软约束有助于ST公司在短期内实现摘帽,但加剧了未来财务困境反复的可能(表现为反复被ST)。本文利用ST制度场景,从社会性负担的视角阐释了转型经济中政府与企业间的互动关系,对当前深化政府改革,厘清政企关系具有重要的政策启示。Under the encouragement of the political tournament,governments at motivated to internalize the social burden into the business activities of enterprises. Based on the ST rules,we examines the dynamic impact of social burden on the company’s future financial distress. The results show that,social burdens significantly enhance the company’s future financial distress,which supports the "survival of the fittest" effect based on market competition. Further research shows that,the soft budget constraints formed by the social burden will help enterprises to take off the ST hat in the short term,but exacerbate the recurring situation of the company’s future financial distress( shown as repeated ST). Our paper explains the interaction between the government and the enterprises from the perspective of social burden,which has important policy implications for deepening the reform of the government and clarifying the relationship between government and enterprise.

关 键 词：社会性负担 财务困境 特殊处理 摘帽 ST反复 

分 类 号：F832.51[经济管理—金融学]