摘要
公司治理结构特征是探究企业陷入财务困境原因不可忽略的重要范畴。对来自中国上市公司的最新数据研究表明,股权集中度和高管薪酬两个因素与企业陷入财务困境的可能性显著负相关,较高的第一大股东持股比例和管理层待遇有助于企业避免陷入财务困境。这种结果体现了中国转型经济背景下企业在公司治理和财务管理衔接上的特殊性。企业应该重视并构建符合自身的公司治理结构以有效规避财务困境。
The corporate governance structure factors are the system reasons of its financial distress. Based on the analysis of the concepts of corpo- rate governance structure and financial distress, this paper firstly gives a theoretical exposition on the correlation between the two and proposed a series of basic hypothesis. Then it tests the hypothesis by running a logistic regression program with the newest data from Chinese listed companies. The results show that ownership concentration, executive compensation factors and the possibility of a company falling into financial distress are significantly negative correlated. Listed companies should establish a more effective corporate governance structure to avoid financial distress.
出处
《哈尔滨商业大学学报（社会科学版）》
CSSCI
2012年第2期89-99,共11页
Journal of Harbin University of Commerce:Social Science Edition
关键词
公司治理结构
财务困境
上市公司
股权集中度
高管薪酬
listed companies
governance structure
financial distress
ownership concentration
executive compensation
