经济困境、财务困境与公司业绩——基于A股上市公司的实证研究
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财经研究 2005 年 第 31 卷第 05 期, 页码：113 - 123
摘要
参考文献
摘要
文章选择沪深股市全部A股上市公司为研究样本,采用参数检验与非参数检验相结合的方法,考察经济困境、财务困境与公司业绩之间的经验关系。研究发现,在所处行业经历经济困境时,最高财务杠杆的两组公司销售增长率比最低财务杠杆的两组公司要低9%,而主营业务利润增长率则要低3.2%,换言之,当出现行业经济下滑时,选择高财务杠杆的公司将丧失更大的市场份额和利润。在考虑了经济困境的影响之后,文章支持财务困境对公司业绩存在负面影响的结论。
②参见Altman(1984)第1071页第36-38行。
[1]吕长江,韩慧博财务困境、财务困境间接成本与公司业绩[J].南开管理评论,2004,(3):80-85.
[2]吴世农,章之旺.我国上市公司的财务困境成本及其影响因素分析[R].厦门大学管理学院工作论文,2004.
[3]AltmanE I.A further empirical investigation of the bankruptcy cost question[J].Journal ofFinance,1984,39:1067~1089.
[4]AndradeG,S N Kaplan.How costly is financial(not economic) distress?Evidencefrom highly leveraged transactions that became distressed[J].Journal ofFinance,1998,53:1443~1493.
[5]BaxterN.Leverage, risk of ruin and the cost of capital[J].Journal ofFinance,1967,22:395~403.
[6]JensenM C.The eclipse of the public corporation[J].HarvardBusinessReview,1989,5:61~74.
[7]LennoxC.Identifying failing companies:A revaluation of the logit, probit andDA ap proaches[J].Journal ofEconomics andBusiness,1999,51:347~364.
[8]ModiglianiF,M H Miller.The cost of capital, corporate finance and the theory of in vestment[J].AmericanEconomicReview,June1958,48:261~297.
[9]OplerT C ,S Titman.Financial distress and corporate performance[J].Journal ofFi nance,1994,49:1015~1040.
[10]WarnerJ.Bankruptcy costs:Some evidence[J].Journal ofFinance,1977,32:337~348.
[11]WhitakerR B.The early stages of financial distress[J].Journal ofEconomics andFinance,1999,23:123~133.
[1]吕长江,韩慧博财务困境、财务困境间接成本与公司业绩[J].南开管理评论,2004,(3):80-85.
[2]吴世农,章之旺.我国上市公司的财务困境成本及其影响因素分析[R].厦门大学管理学院工作论文,2004.
[3]AltmanE I.A further empirical investigation of the bankruptcy cost question[J].Journal ofFinance,1984,39:1067~1089.
[4]AndradeG,S N Kaplan.How costly is financial(not economic) distress?Evidencefrom highly leveraged transactions that became distressed[J].Journal ofFinance,1998,53:1443~1493.
[5]BaxterN.Leverage, risk of ruin and the cost of capital[J].Journal ofFinance,1967,22:395~403.
[6]JensenM C.The eclipse of the public corporation[J].HarvardBusinessReview,1989,5:61~74.
[7]LennoxC.Identifying failing companies:A revaluation of the logit, probit andDA ap proaches[J].Journal ofEconomics andBusiness,1999,51:347~364.
[8]ModiglianiF,M H Miller.The cost of capital, corporate finance and the theory of in vestment[J].AmericanEconomicReview,June1958,48:261~297.
[9]OplerT C ,S Titman.Financial distress and corporate performance[J].Journal ofFi nance,1994,49:1015~1040.
[10]WarnerJ.Bankruptcy costs:Some evidence[J].Journal ofFinance,1977,32:337~348.
[11]WhitakerR B.The early stages of financial distress[J].Journal ofEconomics andFinance,1999,23:123~133.
引用本文
章之旺, 吴世农. 经济困境、财务困境与公司业绩——基于A股上市公司的实证研究[J]. 财经研究, 2005, 31(5): 113–123.
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