摘要
本文以行业调整后的资产负债率作为财务困境的替代变量,考察我国上市公司财务困境与公司业绩之关系。研究表明,相对于采取保守融资策略的竞争对手,选择高杠杆的公司丧失了更大的市场份额和利润。本文的实证结果为财务困境成本的存在提供了新证据。
Selecting industry-adjusted debt ratio as proxy variable of financial distress,this study examines the relation between financial distress and corporate performance in China's listed firms,and finds that firms in the top deciles in economic distress see their sales and profits declines by 6% and 7% respectively,more than do firms in the bottom deciles.In other words, highly leveraged firms lose more market share and profits in industry downturns than their counterpart that conservatively financed. This paper provides new evidence for financial distress cost.
出处
《经济管理》
CSSCI
北大核心
2005年第12期21-27,共7页
Business and Management Journal ( BMJ )
基金
江苏省哲学社会科学研究"十五"规划基金项目(04EYC042)
关键词
财务困境
财务杠杆
公司业绩
financial distress
financial leverage
corporate performance
