【作者】 周雪峰； 刘淑莲；

【Author】 Zhou Xuefeng Liu Shulian (School of Accounting,Dongbei University of Finance and Economics,Dalian 116023,China)

【机构】 东北财经大学会计学院；

【摘要】 本文以2005-2009年陷入财务困境的上市公司为研究样本,运用因子分析、相关分析和Granger因果检验等方法研究债务融资在两类产权性质企业中的破产威胁效应。研究发现,相对于国有产权控股企业,私有产权控股企业的债务总体上更能够发挥破产威胁效应。商业信用在两类产权性质企业中均未能发挥破产威胁效应,而银行贷款在私有产权控股企业中更能够发挥破产威胁效应。短期债务在私有产权控股企业中更容易发挥破产威胁效应,而长期债务在国有产权控股企业中更难以发挥破产威胁效应。更多还原

【Abstract】 This paper takes listed companies which get into financial distress from 2005-2009 as sample,empirically tests the effectiveness of bankruptcy threat of debt financing in double ownership companies through methods which including factor analysis,correlation analysis and granger causality analysis and so on.The results indicate that debt exerts more bankruptcy threat effect in private companies than in state-owned-companies(SOCS).The results prove that commercial credit has no bankruptcy threat effect in companies of double ownership structure,while bank loans exert more bankruptcy threat effect in private companies than in SOCS.The results suppose that short-term debt exerts more bankruptcy threat effect in private companies than in SOCS,while long-term debt exerts less than bankruptcy threat effect in SOCS than in private companies.更多还原