文献类型：期刊文献

中文题名：上市公司财务困境成本与股权结构

英文题名：Financial Distress Costs and Ownership Structure in Listed Companies

作者：张培莉[1,2];干胜道[1]

机构：[1]四川大学工商管理学院,四川成都610064;[2]华东理工大学商学院,上海200237

年份：2010

卷号：36

期号：6

起止页码：146

中文期刊名：经济管理

外文期刊名：Business and Management Journal ( BMJ )

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;EI(收录号：20104813438191);北大核心:【北大核心2008】；社科基金资助期刊;CSSCI:【CSSCI2010_2011】；

基金：教育部新世纪优秀人才支持计划"所有者复杂化条件下的财务分层管理研究"(NCET-08-0384)

语种：中文

中文关键词：股权结构;财务困境;财务困境成本

外文关键词：ownership structure; financial distress; financial distress costs

摘要：本文以沪深两市2004～2006年因财务困境而被ST的上市公司为样本,计量了其财务困境成本,并进一步分析股权结构对财务困境成本的影响。结果表明,我国上市公司的财务困境成本平均为17.27%,且各公司间差异较大。公司的控股股权性质显著影响财务困境成本,国有控股公司的财务困境成本较小,而股权集中度和股权制衡度对财务困境成本不具有显著影响。
In this paper, based on the data of financially distressed listed companies in China from 2004-2006, we measured the financial distress costs and examines the relationship between ownership structure and financial distress costs. The results show that the average financial distress cost is 17.27% and vary considerably among companies. It also shows that the nature of a firm＇s controlling owner influences financial distress costs, which are significantly lower in stated-owned firms than in private firms, while ownership concentration and ownership balan- cing don＇t have significant impact on financial distress costs.