【摘要】 本文以1998—2002年间沪深股市42家ST公司为财务困境企业样本,分别从财务业绩和市场业绩两个角度初步定量考察我国上市公司的财务困境成本状况。研究发现,从陷入财务困境之前到解除财务困境之后企业经行业调整之后的经营业绩平均增长了8%,但从市场角度看权益的市场价值经过行业调整之后平均下降了4.91%,即投资者也承担了企业的财务困境成本。实证检验还发现,财务困境成本的高低除了与财务困境程度正相关,还与行业经济状况正相关,即当财务困境企业所在行业业绩不佳时财务困境成本更高。更多还原

【Abstract】 Based on a sample of 42 ST companies listed in Shanghai and Shenzhen Stock Exchanges during the period of 1998-2002, this paper gives a quantitative analysis of financial distress costs of these companies from an accounting and market viewpoint. Results show that on average financially distressed companies’ industry-adjusted performance increases 8% from pre-distress to post-distress, but the industry-adjusted market value of equity decreases 4.91% on average. Empirical results also reveal that financial distress cost is positively related to the severity of financial distress as well as industrial economic conditions.更多还原