| 股票市场表现、宏观经济环境与公司财务困境 |
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| 引用本文： | 邓晓岚,王宗军.股票市场表现、宏观经济环境与公司财务困境[J].重庆大学学报(社会科学版),2008,14(4):39-44. |
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| 作者姓名： | 邓晓岚 王宗军 |
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| 作者单位： | 1. 福州大学管理学院,福建,福州,350108
2. 华中科技大学管理学院,湖北,武汉,430074 |
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| 基金项目： | 国家自然科学基金，福建省青年人才项目 |
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| 摘 要： | 以COX比例风险模型与Logistic离散时间风险模型为分析工具,检验了股票市场表现变量与宏观经济环境变量对中国上市公司财务困境风险的解释力与识别力.实证结果显示股票市场表现变量和宏观经济环境变量都与财务困境风险显著相关.加入这两组变量后,与只包含财务变量模型的回归结果相比,模型的总体解释能力与识别力都有了较大的提高.
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| 关 键 词： | 财务困境 股票市场表现 宏观经济环境 风险模型 |
Stock Market Performance, Macro economic Environment and Corporate Financial Distress |
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| DENG Xiao lan and WANG Zong jun.Stock Market Performance, Macro economic Environment and Corporate Financial Distress[J].Journal of Chongqing University(Social Sciences Edition),2008,14(4):39-44. |
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| Authors: | DENG Xiao lan and WANG Zong jun |
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| Institution: | DENG Xiao-lan1,WANG Zong-jun2(1.School of Management,Fuzhou University,Fuzhou 350108,China,2.School of Management,Huazhong University of Science & Technology,Wuhan 430074,China) |
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| Abstract: | Using Cox proportional hazard model and Logistic discrete-time hazard model as analysis tool,this paper examines the explanatory and discriminating ability of stock market performance and macro-economic environment factors on financial distress risk of Chinese listed companies.The empirical results indicate that stock market performance and macro-economic environment factors are significantly associated with the risk of financial distress.In comparison with the hazard model that only contains financial vari... |
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| Keywords: | financial distress stock market performance macro-economic environment hazard model |
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