企業(yè)社會資本對上市公司財務(wù)脫困影響的研究
發(fā)布時間：2018-11-20 12:52
【摘要】：財務(wù)困境研究是經(jīng)濟(jì)領(lǐng)域一個重要的研究課題,一個企業(yè)財務(wù)狀況的好壞關(guān)系著企業(yè)的生存和發(fā)展。公司經(jīng)營能力、治理結(jié)構(gòu)等因素對財務(wù)狀況的影響一直是國內(nèi)外學(xué)者研究的重點；然而這些研究大部分是以公司處于正常經(jīng)營狀況為前提,對已經(jīng)處于困境的企業(yè)如何擺脫困境的研究甚少。近年來的研究表明,企業(yè)社會資本有助于提高企業(yè)財務(wù)績效。因此,本文試圖探討企業(yè)社會資本對財務(wù)脫困是否存在“正向積極效應(yīng)”,并針對不同維度的社會資本在此過程中發(fā)揮的作用展開進(jìn)一步的分析。 首先本文對財務(wù)困境基本理論、社會資本理論及相關(guān)文獻(xiàn)進(jìn)行梳理,歸納總結(jié)了財務(wù)脫困的影響因素,結(jié)合企業(yè)社會資本的功效,提出企業(yè)與其他社會關(guān)系的信任與規(guī)范的范圍與緊密程度即企業(yè)社會資本能夠給企業(yè)帶來資金、信息等資源,幫助企業(yè)實現(xiàn)財務(wù)脫困。 然后將因財務(wù)狀況異常而被特別處理(ST)作為企業(yè)陷入財務(wù)困境的標(biāo)志,選取2004-2008年陷入財務(wù)困境的163家上市公司為樣本。根據(jù)樣本企業(yè)兩年后實現(xiàn)財務(wù)脫困的情況,通過Logistic回歸進(jìn)行實證分析,研究結(jié)果顯示：企業(yè)社會資本橫向、縱向、關(guān)系、區(qū)域和時間維度多個社會資本因子與財務(wù)脫困相關(guān)；企業(yè)關(guān)系、區(qū)域、縱向、橫向和時間維度的資本與財務(wù)脫困相關(guān)性依次減弱；企業(yè)與金融機(jī)構(gòu)的關(guān)系和企業(yè)所處省份的金融深度對財務(wù)脫困的影響作用最大；管理層的任職規(guī)模和兼職個數(shù)與財務(wù)脫困不相關(guān)；客戶集中度與財務(wù)脫困負(fù)相關(guān)；企業(yè)的聲譽和上市后經(jīng)營時間的長短在一定程度上也影響著企業(yè)擺脫財務(wù)困境的概率,是不容忽視的因素。最后,建立綜合模型,對財務(wù)脫困進(jìn)行預(yù)測,預(yù)測準(zhǔn)確度較高,且與逐步分析模型的結(jié)論基本一致。 根據(jù)上述理論研究與實證結(jié)果,上市公司應(yīng)注重社會資本的積累,盡快實現(xiàn)財務(wù)脫困；文章對政府、企業(yè)管理者、投資者都提出了相關(guān)建議。
[Abstract]:The study of financial distress is an important research topic in the economic field. The financial condition of an enterprise is related to the survival and development of an enterprise. The influence of management ability, governance structure and other factors on the financial situation has been the focus of domestic and foreign scholars. However, most of these studies are based on the premise that the company is in a normal operating condition, and there is little research on how to get rid of the predicament. Recent studies have shown that corporate social capital helps to improve financial performance. Therefore, this paper attempts to explore whether there is a "positive effect" of corporate social capital on financial distress, and to further analyze the role played by social capital in different dimensions in this process. First of all, this paper combs the basic theory of financial distress, social capital theory and related literature, summarizes the influence factors of financial distress, combined with the efficacy of corporate social capital. The scope and tightness of trust and norm between enterprises and other social relations are put forward, that is, enterprise social capital can bring funds, information and other resources to enterprises, and help enterprises to realize financial difficulties. Then, (ST) is specially dealt with because of abnormal financial situation, and 163 listed companies in financial distress from 2004 to 2008 are selected as a sample. According to the financial situation of sample enterprises after two years, the empirical analysis is carried out by Logistic regression. The results show that: the horizontal, vertical, relationship, regional and time dimensions of multiple social capital factors are related to financial distress; The relationship between capital and financial distress is weakened in turn, and the relationship between enterprise and financial institutions and the financial depth of the province in which the enterprise is located has the greatest influence on the financial relief. The size of management and the number of part-time jobs are not related to financial difficulties, customer concentration is negatively related to financial difficulties. The reputation of the enterprise and the length of the operating time after listing also affect the probability of the enterprise getting rid of the financial distress to a certain extent, which is a factor that can not be ignored. Finally, a comprehensive model is established to forecast the financial distress. The prediction accuracy is high, and the conclusion is consistent with the conclusion of the stepwise analysis model. According to the above theoretical research and empirical results, listed companies should pay attention to the accumulation of social capital to achieve financial relief as soon as possible.
【學(xué)位授予單位】：中南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F275;F224
本文編號：2344961
[Abstract]:The study of financial distress is an important research topic in the economic field. The financial condition of an enterprise is related to the survival and development of an enterprise. The influence of management ability, governance structure and other factors on the financial situation has been the focus of domestic and foreign scholars. However, most of these studies are based on the premise that the company is in a normal operating condition, and there is little research on how to get rid of the predicament. Recent studies have shown that corporate social capital helps to improve financial performance. Therefore, this paper attempts to explore whether there is a "positive effect" of corporate social capital on financial distress, and to further analyze the role played by social capital in different dimensions in this process. First of all, this paper combs the basic theory of financial distress, social capital theory and related literature, summarizes the influence factors of financial distress, combined with the efficacy of corporate social capital. The scope and tightness of trust and norm between enterprises and other social relations are put forward, that is, enterprise social capital can bring funds, information and other resources to enterprises, and help enterprises to realize financial difficulties. Then, (ST) is specially dealt with because of abnormal financial situation, and 163 listed companies in financial distress from 2004 to 2008 are selected as a sample. According to the financial situation of sample enterprises after two years, the empirical analysis is carried out by Logistic regression. The results show that: the horizontal, vertical, relationship, regional and time dimensions of multiple social capital factors are related to financial distress; The relationship between capital and financial distress is weakened in turn, and the relationship between enterprise and financial institutions and the financial depth of the province in which the enterprise is located has the greatest influence on the financial relief. The size of management and the number of part-time jobs are not related to financial difficulties, customer concentration is negatively related to financial difficulties. The reputation of the enterprise and the length of the operating time after listing also affect the probability of the enterprise getting rid of the financial distress to a certain extent, which is a factor that can not be ignored. Finally, a comprehensive model is established to forecast the financial distress. The prediction accuracy is high, and the conclusion is consistent with the conclusion of the stepwise analysis model. According to the above theoretical research and empirical results, listed companies should pay attention to the accumulation of social capital to achieve financial relief as soon as possible.
【學(xué)位授予單位】：中南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F275;F224
【引證文獻(xiàn)】
相關(guān)期刊論文 前1條
1 曾江洪;姚靜;劉欣;;企業(yè)社會資本對上市公司財務(wù)脫困的影響研究[J];新會計;2013年08期
，本文編號：2344961
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