摘要
企业可以通过破产重整也可以采用债务重组方式化解财务危机。基于上海证券交易所上市的公司样本,本文分析了公司在破产重整和债务重组之间进行选择的动机。研究发现,相对于采用债务重组方式的公司,破产重整公司的财务危机更为严峻,尽管能够帮助企业摆脱困境,但危机化解往往涉及股权结构调整,其盈利能力没有明显优势。结果表明公司选择债务重组化解危机有其合理性,一定程度上给出了企业较少采用破产重整方式化解危机的一个解释。
Companies can resolve the financial distress via bankruptcy reorganization or debt restructuring. This paper analyzes the motivation between the bankruptcy reorganization and debt restructuring, based on the data from public companies in Shanghai stock exchange. Results show that financial distress of companies adopting the bankruptcy reorganization is even more severe than that of debt restructuring companies. Bankruptcy reorganization can help companies to extricate the predicament, however, resolving the distress often involves the adjustment of ownership structure, and its profitability is no obvious advantage. The results suggest the rationality that companies adopt debt restructuring to defuse distress. Therefore, to a certain extent, the paper give a potential explanation as to why bankruptcy reorganization is a less adopted way to resolve the distress.
出处
《浙江金融》
2015年第12期35-39,共5页
Zhejiang Finance
关键词
财务困境
破产重整
债务重组
Financial distress
Bankruptcy reorganization
Debt restructuring
