外文翻译---财务困境与破产的比较

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1、西南交通大学本科毕业论文财务困境与破产的比较COMPARINGFINANCIALDISTRESSANDBANKRUPTCY年级:2006级学号:20063027姓名:景吉英专业:会计指导老师:段宏2010年06月英文原文：ComparingFinancialDistressandBankruptcyAbstractMostresearchpurportingtoaddresstheissueoffinancialdistresshasactuallystudiedsamplesofbankruptcompanies.Incontrast,th

2、ispaperstartswithasampleofcompaniesthatarefinanciallydistressedbutnotyetbankrupt.ThesamplewasobtainedfollowingascreenoftheCompustatindustrydatabasewithathree-tieredidentificationsystem.Thescreenbifurcatedcompaniesintofinanciallydistressedandnotdistressedgroups.Amulti-tiered

3、screenreducestheincidenceofmistakenlyidentifyinganon-distressedcompanyasfinanciallydistressed.Thepaperthenaskswhetheridenticalcausalfactorsareassociatedwithbothbankruptcyandfinancialdistress.Anearlywarningfinancial-distressmodelwasdevelopedandthencomparedtoanexistentmodelof

4、bankruptcy.Thefinalfinancialdistressmodelincludedonevariablealreadypresentinthebankruptcymodelandfournewvariables.Thepartialoverlapofexplanatoryfactorsbetweenthemodelssuggestsasemi-strongrelationshipbetweenfinancialdistressandbankruptcybecausesomefactorscausingfirmstobecome

5、financiallydistresseddonotlaterleadthemintobankruptcy.Theworkshowsthatbanksandotherlenderswhowanttocontrolproblemloansshouldrelyonmoreinformationthanwhatiscontainedinwell-knownbankruptcymodels.KeyWords:FinancialDistress,Bankruptcy,EarlyWarningModel,andRenewalIntroductionThe

6、abilitytopredictwithreasonableaccuracycompanieslikelytofileforbankruptcyprotectionbenefitsbankloanofficers,investors,creditmanagers,regulatorsandvendorsamongothers.Thesebenefitsprincipallyaccruetoparticipantsintheend-stageofthecorporatelifecycle.Thatis,thesepredictionscomet

7、oolateintheprocessofcorporatedeclinetodomuchmorethangiveawarningthatthefinalphaseofcorporateexistenceisnear.Whereasearlybankruptcypredictionbenefitsparticipantsintherestructuringandbankruptcyprocess,itprovideslittleaidtomanagersorboardsofdirectorswhoarepositionedtoturnaroun

8、dabusinessincrisisorfinancialdistress.Indeed,akeyfactorexplainingthesuccessfulappl