文档介绍：中国科学技术大学
硕士学位论文
上市公司治理结构对财务困境恢复影响的分析
姓名:路璐
申请学位级别:硕士
专业:企业管理
指导教师:曹崇延
20100412
摘要
摘要
自上世纪90年代以来,随着我国证券市场的迅猛发展,上市公司数量逐年增
多、规模日益增大、结构逐步优化、运作不断规范,上市公司逐渐成为推动我国
国民经济增长的中流砥柱。但是,一些上市公司由于各种原因陷入财务困境,经
营业绩逐年下降,使投资者、债权人遭受损失,而且影响整个社会资源配置的有
效性。
近年来国内外有大量研究从不同侧面分析公司治理对公司绩效的影响,然而
这些研究的前提是这些公司处于正常经营状态,而对于企业处于财务困境下,公
司治理对企业的影响研究甚少,并且目前国内对公司财务困境的研究主要集中在
财务困境的预警模型、财务困境成本等方面的研究上,为此,有必要研究什么样
的治理结构对于企业财务困境的恢复确实存在“正向积极效应”。
本文将因财务状况异常而被特别处理(ST)作为企业陷入财务困境的标志,以
陷入财务困境时的国内上市公司为研究对象,对其治理结构进行考察,选择多指
标,采用多元线性回归(Logistic)分析方法,重点研究陷入财务困境上市公司
治理结构对困境阶段的恢复将产生何种影响,试图揭示什么样的治理结构有助于
公司摆脱财务困境,以启示公司从公司治理的角度搭建合理的治理结构,尽快实
现困境恢复。

关键字:公司治理财务困境困境恢复
I
Abstract
ABSTRACT
With the rapid development of the stock market in China, the panies
grow in quantity and scale, position and operation getting better since the
90's. They have e mainstay of economic growth in China. However, with
various reasons many panies plunge into financial distress, their operating
achievement decrease year by year, the investors and creditors would suffer from it.
Also the effectiveness of the social resources allocation would be affected.
In recent years both at home and abroad a large number of studies on the
relationship of corporate governance structure and financial distress. However the
premise of these researches is that panies operate in a normal state. For
companies in financial distress, this kind of studies is under-researched. And the study
panies’ financial distress focused on the early warning model of financial
distress, financial distress costs and other aspects of the study. It is necessary to study
which kind of governace structuer could make positive effects in the recovery of
financial distress.
In this paper we chooses special treatment(panies because of the
abnormal financial condition as the symbol of enterprises that fall into financial
distress. We focuses on governance structure how to affect panies’ recovery of
financial distress