河北经贸大学学报
河北經貿大學學報
하북경무대학학보
Journal Of Hebei University Of Economics and Trade
2013年
5期
53~58
,共null页
重组选择 财务困境公司 财务困境恢复 困境程度 支持性重组 卖壳式重组 资产剥离 股权转让
重組選擇 財務睏境公司 財務睏境恢複 睏境程度 支持性重組 賣殼式重組 資產剝離 股權轉讓
중조선택 재무곤경공사 재무곤경회복 곤경정도 지지성중조 매각식중조 자산박리 고권전양
restructuring selection; financial distress company; financial distress recovery; distress extent; supportive recombination; selling shell recombination; asset stripping; stock right transfer
以2003--2011年沪深A股ST公司为样本，分析财务困境公司的重组选择与其困境恢复之间的关系。研究表明，重组选择对ST公司的财务困境恢复具有相应影响，大股东对财务困境公司的支持在我国资本市场上显著存在。资产重组的时间越早、成本越高，ST公司摘帽恢复的可能性就越大。同时，ST公司的摘帽并非只靠单一某种资产重组方式，但是，最终起决定作用的方式在摘帽与未摘帽公司中存在差异，实证结果是摘帽ST公司较明显采取了资产剥离与股权转让方式。此外，困境程度对财务困境恢复负相关，对重组摘帽公司的重组策略选择具有显著影响。
以2003--2011年滬深A股ST公司為樣本，分析財務睏境公司的重組選擇與其睏境恢複之間的關繫。研究錶明，重組選擇對ST公司的財務睏境恢複具有相應影響，大股東對財務睏境公司的支持在我國資本市場上顯著存在。資產重組的時間越早、成本越高，ST公司摘帽恢複的可能性就越大。同時，ST公司的摘帽併非隻靠單一某種資產重組方式，但是，最終起決定作用的方式在摘帽與未摘帽公司中存在差異，實證結果是摘帽ST公司較明顯採取瞭資產剝離與股權轉讓方式。此外，睏境程度對財務睏境恢複負相關，對重組摘帽公司的重組策略選擇具有顯著影響。
이2003--2011년호심A고ST공사위양본，분석재무곤경공사적중조선택여기곤경회복지간적관계。연구표명，중조선택대ST공사적재무곤경회복구유상응영향，대고동대재무곤경공사적지지재아국자본시장상현저존재。자산중조적시간월조、성본월고，ST공사적모회복적가능성취월대。동시，ST공사적적모병비지고단일모충자산중조방식，단시，최종기결정작용적방식재적모여미적모공사중존재차이，실증결과시적모ST공사교명현채취료자산박리여고권전양방식。차외，곤경정도대재무곤경회복부상관，대중조적모공사적중조책략선택구유현저영향。
Citing the ST-listed companies of A shares on the Shanghai and Shenzhen Stock Markets during the years of 2003-2011 as samples, this article makes theoretical and empirical analysis of the relationships between restructuring selection and financial distress recovery. We found that restructuring selection has an impact on the financial distress recovery and the major shareholder usually provides an obvious support to the companies in distress. The earlier the restructuring, the higher the transaction cost, and therefore the higher the probability of the uncapping of the ST companies. Meanwhile, the uncapping of a company usually depends not only on a single way of restructuring and there always exists differences between uncapped and capped companies in the ways they adopting. Empirical results indicate that asset transaction and shares transfer are obviously the major means by uncapped ST companies. In addition, distress extent has a negative correlation with financial distress recovery, and has quiet obvious impact on the selection of restructuring strategies for the uncapped companies through restructuring.
