CAJ | 학술논문

目前学者们对公司财务困境的研究主要集中在事前的困境预测上，而对公司陷入财务困境后如何恢复研究较少。本文选取2005-2009年国内被ST的上市公司为研究样本，将研究样本分为逐渐走出财务困境的公司（一类公司）和一直处于财务困境中的公司（二类公司），从董事会特征、股权结构以及管理层持股这三个方面来比较分析这两类公司在陷入财务困境之后的公司治理结构差异对困境恢复的影响。研究结果表明，公司处于不同的财务情况下，大股东们对公司绩效的影响是不一样的。当公司逐渐陷入财务困境的过程中，大股东们对公司绩效没有显著性的影响；而在公司逐渐摆脱财务的过程中，大股东们对公司绩效有显著的正面影响，此时的公司治理关键在于股权集中度，大股东在公司摆脱财务困境中起到了重要作用。
목전학자문대공사재무곤경적연구주요집중재사전적곤경예측상，이대공사함입재무곤경후여하회복연구교소。본문선취2005-2009년국내피ST적상시공사위연구양본，장연구양본분위축점주출재무곤경적공사（일류공사）화일직처우재무곤경중적공사（이류공사），종동사회특정、고권결구이급관리층지고저삼개방면래비교분석저량류공사재함입재무곤경지후적공사치리결구차이대곤경회복적영향。연구결과표명，공사처우불동적재무정황하，대고동문대공사적효적영향시불일양적。당공사축점함입재무곤경적과정중，대고동문대공사적효몰유현저성적영향；이재공사축점파탈재무적과정중，대고동문대공사적효유현저적정면영향，차시적공사치리관건재우고권집중도，대고동재공사파탈재무곤경중기도료중요작용。
At present researches about the company's financial difficulties mainly focus on the prediction of plight before, and there are less researches on how to restore after the company was in financial trouble. This paper selects 2005-2009 domestic ST listed companies as the research sample, the sample can be divided into companies gradually out of the financial difficulties (the first kind of company) and companies have been in financial trouble (the second kind of company), then the paper comparatively analyzed the influence of the differences in corporate governance structure to company recovery from the characteristics of the board of directors, ownership structure and management equity. The research results show that in different financial situation, the influence of the big shareholders to company performance is not the same. When the company gradually got into financial trouble, the big shareholders has no significant effects on corporate performance; when the company gradually got out financial trouble, the big shareholders has significant positive effects on corporate performance, the key of corporate governance at this time is the equity concentration, the big shareholders has played an important role in the company get rid of financial difficulties.