上市公司财务危机阶段性特征的实证研究

【作者】 赵开龙； 周咏梅；

【机构】 青岛大学国际商学院；

【摘要】 本文以2000～2002年的制造业上市公司为样本,选取了54家处于财务危机的公司和54家财务状况正常的公司,采用多元线性回归方法对公司特别处理前五年的数据分别进行回归。发现不同年份回归模型不完全一致,在前五年的模型中,资产利润率比较显著。在前三年和前四年的模型中,股东权益/总资产也开始显著化。在前二年和前一年的模型中,有关主营业务的指标亦开始显著。这说明我国上市公司财务危机存在不同的阶段,并有各自不同的表现特征。同时,本文数据结果还显示,我国上市公司的财务报表具有预测信息含量,这种信息含量随着被特别处理的年份越远而愈小。更多还原

【Abstract】 We choose 108 companies in the manufacturing for samples from the year of 2000 to 2002,including 54 companies which were in financial distress and 54 companies which were in normal position.We use multivariate linear regression method to analyze.We need at least 5 years data before the company being special treatment,and we derived 5 models for each year respectively.We find that different years regression model is not entirely consistent on our listed companies,so the financial distress has different phase and different performance characteristics.At the same time,the results of this data also show that China’s listed companies financial statements have the information content.更多还原