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Research on the Influencing Factors of the Emergence from Corporate Financial Distress in Listed Companies

Author: RenGuanJun
Tutor: ZhouYaNa
School: Anhui University
Course: Accounting
Keywords: financial distress ST company financial performance risk management emergence from financial distress
CLC: F275
Type: Master's thesis
Year: 2011
Downloads: 166
Quote: 1
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Abstract


With the inceasingly development of market-oriented economy and capital market, the number of Chinese listed companies are increasing gradually in recent years. The listed companies have become the group which have the most development potential and the most obvious advantages. However, the listed companies are faced with the risk of failure in the increasingly drastic market-oriented economy and a great deal of companies suffers the trouble of financial distress every year. The myth of "undying big horse" is shattered for the crises of world-famous companies around the world. The 23% firms in all listed companies had been managed specially because of the unusual financial position after the special managerial regime being implemented. And the ST companies become the special group in Chinese listed companies. Threaten of the financial distress limits the normal operation of companies and damages the economic benefits of stakeholders such as investors, creditors and staffs, even affects the investment value of the total stock market as well as confidence of the vast investors to market. In such background, it is necessary to propose the method for how to dispose and relieve of financial distress through the theory and empirical analysis of the influencing factors for relieving the financial distress in Chinese listed companies.This paper is divided into five parts. The first part is the introduction of this paper outlining the background of topics, research significance, and the viewpoints of scholars both domestic and foreign. The second part includes theoretical studies and concepts. This part introduces the financial distress and other concepts on the basis of disequilibrium theories, economic cycle theories, contract theories, the enterprise strategic management theories and risk management theories, and demarcates Chinese listed companies suffering financial distress and Chinese listed companies relieving financial distress. In the third part, descriptive statistics of Chinese listed companies suffering financial distress is accomplished and the current financial distress situation of Chinese listed companies is summarized. Then the theoretical analysis for the influencing factors relieving financial distress of Chinese companies from inside and outside. The forth part is analysis of empirical study. By choosing sample data and variable index, Logistic regression model is established. Then relativity research for the key influencing factors is undertaken using the software of SPSS. In part five, the author outlines research and proposes the policy suggestion. Then the orientation of future study is prospected.The innovation and characteristics of this paper is that it introduces the financial distress and other concepts and the influencing factors of emergence from financial distress systematiclly on the basis of the contract theories,disequilibrium theories, economic cycle theories, the enterprise strategic management theories and risk management theories. The content of the research is novel because the research is faced to the listed companies having suffered financial distress. The research analyzed internal factors from not only financial aspects but also the effect of corporate governance factors and corporate size. Finally,it put forward the countermeasures and then can assist and guide predicament company out of difficulties, return to normal as soon as possible.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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