公司治理和财务困境实证研究外文文献翻译

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1、公司治理和财务困境实证研究外文文献翻译(含：英文原文及中文译文)文献出处：TheChineseEconomy,vol.39,no.5,September–October2006,pp.5–27. 英文原文CorporateGovernanceandFinancialDistressEvidencefromChineseListedCompaniesAbstractWeinvestigatedtherelationshipbetweencorporategovernancecharacteristicsandfinancialdistressriskinthecontextofC

2、hina'seconomictransformation.Asampleof96companieswithfinancialdifficultiesand96companieswithhealthyfinancialconditionsfoundthattheownershipofmajorshareholders,stateownership,andtheproportionofindependentdirectorsarenegativelyrelatedtotheprobabilityoffinancialdistress.Inaddition,managementage

3、ncycostsareextremelyunfavorabletothecompany'sfinancialstatus.However,acertaindegreeofbalanceofownership,managementshareholding,boardsize,andCEOoverlappingrolesdonothavemuchimpactontheoccurrenceofsuchfinancialdistress.Inaddition,wealsotestedtheimpactofrestructuringfromstate-ownedenterprisesto

4、state-ownedandnon-state-ownedownershipcompanies.Theresultsshowthattheeffectsofdifferentcorporategovernancestructuresonthetwotypesofcorporatefinancialcrisisarealsodifferent.Sincethe1980s,corporategovernancehasbecomeanempiricalissueinthestudyoffinancialdistress.Previousstudieshaveexaminedthere

5、lationshipbetweencorporategovernanceandcorporatefailure.Chaganti,Mahajan,andSharma(1985)surveyed21homestoretailcompanies.Theresultsshowthatcompanieswithlargerboardofdirectorsarelesslikelytofail.DailyandDalton(1994a)studiedfiftybankruptciesandfoundthattheCEO'sroleasconcurrentchairmanandlowerb

6、oardindependencewasrelatedtohighbankruptcyrates.MillerandBuck(1997)usedasampleof33matchingUScompanyresearchreportsthatthepercentageofthecompany’sCEOconcurrentlychairmanandexternalstaffwaspositivelyrelatedtotheturnoverrate.SimpsonandGleason(1999)surveyed287banksandtheirfindingsshowedthattheCE

7、O’sroleaschairmanisrelatedtothepossibilityoflowerfinancialdistress.Elloumiandgueyie(2001)studied46Canadiancompanieswithnormalfinancialstatusand46financialdifficulties.Theyfoundthattheproportionofoutsidedirectorsandshareholderswasnegativelycorrelate