证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2010年
2期
68~73
,共null页
袁淳 刘思淼 薛蔚 姜沙沙 吴晓彤
袁淳 劉思淼 薛蔚 薑沙沙 吳曉彤
원순 류사묘 설위 강사사 오효동
国有产权 政府干预 财务困境成本 公司治理
國有產權 政府榦預 財務睏境成本 公司治理
국유산권 정부간예 재무곤경성본 공사치리
State ownership; Government intervention; Costs of financial distress, Corporate govemance
本文以2000～2006年发生财务困境的480个观测数据为样本，检验国有产权与政府干预如何影响财务困境成本。我们以经行业中位数调整后的正常期间资产报酬率与困境期间资产报酬率的差额度量财务困境成本，检验发现：地区政府干预程度越高，公司财务困境成本越低；在政府干预程度较高的地区，国有公司的财务困境成本显著更低；但在政府干预程度较低的地区，国有产权对财务困境成本无显著影响。
本文以2000～2006年髮生財務睏境的480箇觀測數據為樣本，檢驗國有產權與政府榦預如何影響財務睏境成本。我們以經行業中位數調整後的正常期間資產報酬率與睏境期間資產報酬率的差額度量財務睏境成本，檢驗髮現：地區政府榦預程度越高，公司財務睏境成本越低；在政府榦預程度較高的地區，國有公司的財務睏境成本顯著更低；但在政府榦預程度較低的地區，國有產權對財務睏境成本無顯著影響。
본문이2000～2006년발생재무곤경적480개관측수거위양본，검험국유산권여정부간예여하영향재무곤경성본。아문이경행업중위수조정후적정상기간자산보수솔여곤경기간자산보수솔적차액도량재무곤경성본，검험발현：지구정부간예정도월고，공사재무곤경성본월저；재정부간예정도교고적지구，국유공사적재무곤경성본현저경저；단재정부간예정도교저적지구，국유산권대재무곤경성본무현저영향。
The paper employs 480 samples from listed companies in distress between 2000 and 2006 and examines how state ownership and government intervention influences the costs of financial distress. We measure the costs of financial distress as the difference between the industry median adjusted ROA during the normal period and that during the financial distress period. We find that （1） stronger government intervention leads to lower costs of financial distress; （2） in regions whit strong government intervention, the costs of financial distress of state-owned companies are significantly lower; while in regions with weak government intervention, state ownership does not significantly influence the costs of financial distress.
