财务困境上市公司资本结构选择研究

对比分析财务困境企业和非财务困境企业资本结构影响因素及调整过程的差异,研究财务困境企业合理选择资本结构的问题。研究发现,财务困境企业高负债率的形成与第一大股东的持股比例和股权集中度都有显著的相关关系,但从企业资本结构的调整过程来看,控股股东持股比例对企业资本结构的调整作用不大。因此,不能仅从公司治理的角度解决企业的财务困境问题,还要从资本结构优化的角度选择融资方式。

The Capital Structure Choice of Financial Distressed Firms: Evidence from China

To study on how to choose the optimal capital structure for financial distressed listed firms,the difference of the factors influencing the capital structure and the adjusting procedure between non-distressed firms and distressed firms is analyzed.It shows that the high debt ratio of the distressed firms is significantly related with the proportion of the largest shareholder and the concentration of the share structure.However,the proportion of largest shareholder has little effect on the adjustment of capital structure.Therefore,to solve the problem of distressed firms,it will depend not only on the improvement of corporate governance,but also on the optimization of financial channels.