上市公司财务困境成本与其影响因素分析

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1、卜市公司财务困境成本及其影响闪素研究对财务困境成本大小的影响程度，并得出了一些有价值的结论，据此可以为我国上市公司防范财务困境，降低财务困境成本提供一些思路。关键词：财务困境，财务困境成本，ST上市公司4AbstractSinceShanghaiandShenzhenstockexchangesweresetup，China，sstockmarkethasbeendevelopedprosperously．AsofJuly1，2008，thenumberofA．sharelistedcompaniesinShanghaiandShenzhenhasamountedto

2、1566．Comparedtotraditionalcompanies，listedcompanieshavelargerscale，workmorenormativelyandefficiently，andalsocreatemoreprofits．Listedcompanieshavemoreadvantagesthantraditionalcompanies，andaccordinglytheymustfacemoredrasticcompetition．Iftheydobadlyinperformance，theywillbespeciallytreated，

3、evenexpelledfromthemarket．Inrecentyears，thenumberofcompanieswhicharespeciallytreatedisincreasingyearbyyear．AsofJuly1，2008，in1566A．sharelistedcompaniesofShanghaiandShenzhenmarket，thenumberofspecialtreatedcompanieshasaccountedto130．ItindicatesthattheproblemoffinancialdistressisseriousinCh

4、ina，Slistedcompanies．Inviewoftheabovebackground，thisarticlefirstlydefinesfinancialdistressasthestartingpointofstudy，andbuildsatheoreticalframeworkoffinancialdistresscosts．ThenitmeasuresthefinancialdistresscostsofChina，Slistedcompanies，basedonthistestitinvestigatesfactorswhichreflectavar

5、ietyofthecharacteristicsofChina，Slistedcompanies，financialdistresscosts．Morespecifically，thisarticlediscussesinfiveparts，thecontentandperspectiveareasfollows：Thefirstpartofthispaperbrieflydescribesthebackgroundandsignificanceofthisstudy，andreviewsandsumsupstudiesonthefinancialdistressco

6、stsathomeandabroad．Takingapanoramicviewoftheresearchesonfinancialdistress-costs，itisgenerallybelievedthatenterprisesmustpayacertainprice，theSO—calledfinancialdistresscosts，dudngtheperiodoffinancialdistress．Suchcostsinclude：thelossofsalesandprofits；increasedcostsoffinancingbecauseitismor

7、edifficulttoaccessStudyonFinancialDistressCostandDeterminantsofChineseListedCompaniestoexternalfinancing；raisedpricesthatsuppliersrequirestoavoidcreditrisk；thelossofcustomers，andother“opportunitylosses”．Thesecondpartstartswithdefiningoffinancialdistress，expoundsthetheoryoffinan