股权结构变量对企业财务危机影响的实证研究

企业经营管理中客观存在的风险有可能导致企业财务危机的发生,因此有必要建立财务危机预警模型,以便及时地进行财务危机预警分析,及早地发现财务危机信号。为了有效地设计财务危机预警模型解释变量项,以我国125家工业企业上市公司为研究对象,根据我国上市公司的股权结构现状及有关法规,研究了股权结构变量对企业发生财务危机的影响。以因财务状况异常而被特别处理(ST)的公司作为发生财务危机的界定标准,运用Logistic回归分析对选取的上市公司股权结构变量进行了筛选,发现部分股权结构变量对企业的财务危机有着显著的影响。

The Pragmatical Study on Impact of Equity Structure Variables on Business Financial Distress

The factual risks in business management will possibly cause the financial distress in a business.So,an early warning model is necessary to set up for such financial distress,with which the signs of the financial distress can be predicted in time.To design the explanatory variables in the early warning model effectively,125 industrial listed companies in China are investigated,according to the status of their equity structure and relevant laws,as well as the impact of equity struture variables on business financial distress in these companies.With the ST(special treatment) listed companies in abnormal financial status taken as the criterion to define a business where the financial distress takes place,the logistic regression analysis is introduced to screen all the equity structure variables of the selected listed companies.It is found that part of the equity structure variables affect significantly the business financial distress.