摘要
本文选择了2009年至2014年的ST企业,及因欠款未还被提起诉讼、因债务重组低价出售资产、资不抵债和因虚构利润被违规处理的企业作为财务危机样本,运用Logistic回归建立财务危机预警模型,实证对比了合并报表与母公司报表的财务危机预警效果差异。研究结论显示,合并报表的总体预警效果略优于母公司报表;但当母公司采用经营主导型战略时,母公司报表数据的财务预警效果优于合并报表;当母公司采用投资主导型战略时,随着合并报表包含的增量信息增多,其财务危机预警效果较明显的优于母公司报表。论文进一步拓展了合并报表与母公司报表信息有用性的比较研究,丰富了债权人视角下财务危机预警有效性的研究。
Using the data of A-share listed companies’consolidated and parent financial statements,this paper comparatively examines the effect of financial distress pre-warning between the consolidated and parent financial statement,.The paper finds that,the effect of financial distress pre-warning model using consolidated statement is better than the model using parent financial statement,considering the full sample.However,the model has a higher forecast accuracy using parent financial statements under the operation-oriented strategy.With the increasing of long-term equity investment which is actually controlled by the parent companies,the incremental information of companies'consolidated financial statements increase too.Then the financial distress pre-warning model has a higher forecast accuracy using consolidated financial statements under the investment-oriented strategy.
出处
《会计研究》
CSSCI
北大核心
2017年第6期38-44,共7页
Accounting Research
基金
北京市社会科学基金研究基地项目(14JDJGB022)的资助
