企业财务危机解救机制选择的影响因素研究——基于中国上市公司的经验证据  

A Study on Factors Affecting the Selection of Corporate Financial Crisis Resolving Mechanism— Empirical Evidence from China's Listed Firms

作　　者：饶静[1] 万良勇[2] 

机构地区：[1]广东工业大学管理学院,广东广州510520 [2]华南理工大学工商管理学院,广东广州510640

出　　处：《华东经济管理》2017年第3期179-184,共6页East China Economic Management

基　　金：国家社会科学基金青年项目(13CGL032);广东省软科学研究计划项目(2015A070704048;2014A070703006);中央高校基本科研业务费专项资金项目(D2155840)

摘　　要：文章以2007-2015年发生财务危机的上市公司为样本,实证研究了财务危机解救机制选择的影响因素。研究发现,财务危机程度、持续经营价值和银企关系对于财务危机解救机制的选择具有重要影响,财务危机程度越严重、持续经营价值越低以及银行债务占比越高的公司越倾向于通过破产重整而不是庭外重组解除危机,而西方文献所揭示的信息不对称、债券持有人套牢等因素却缺乏显著解释力。文章在一定程度上弥补国内关于财务危机解救机制研究的不足,还将丰富国际范围内的财务危机解救机制研究成果。This paper investigates the determinants of the firm＇s decision between out-of-court restructure and bankruptcy reorganization using the samples of financial distressed listed firms from 2007 to 2015. The evidence suggests that the extent of financial distress, going concern values and the relationship between banks and firms have significant influence on the distressed firms＇ decision. Firms,which suffer more severe financial distress, exhibit lower going concern values;and which owe more debt to banks are more likely to conduct a reorganization. However, information asymmetry and holdout problems of bondholders have not significant influence, which is different from foreign literature. This study may largely make up the deficiency of China＇s literature about resolution of financial distress, and also enrich the international literature.

关 键 词：财务危机 解救机制 庭外重组 破产重整 

分 类 号：F275[经济管理—企业管理]