中文摘要 企業財務危機之研究一直是財務領域一個相當重要的課題,有許多的研究利用財務因素與非財務因素來探討對於財務危機公司之關聯性。中國大陸自2003年開始重視公司治理,利用國外先進之公司治理機制來強化中國大陸企業之內部控制制度,進而提升公司績效以及減少企業發生財務危機之可能性,因此本篇研究利用了財務因素與公司治理因素來檢測其對於ST財務危機公司之關聯性。 當公司體質發生問題時,公司會利用一些手段來掩飾其財務狀況,例如虛飾財務報表、資產高估、負債低估或是利用財務資訊附註揭露等方式,因此本篇也利用了十四種公司之違規類型來檢測其對於ST財務危機公司之關聯性。 本文利用中國大陸上海證券交易所及深圳交易所上市公司為研究對象,採取2003至2010年間中國上市公司之11,620筆公司資料來作分析,其實證結果彙總如下:(1)有發生違規之公司,較會形成ST財務危機公司呈現顯著正相關;(2)營業活動現金流量對總負債比率、總資產報酬率、流動比率、總資產週轉率對於ST財務危機公司呈現顯著負相關,負債比率對於ST財務危機公司呈現顯著正相關;(3)管理當局持股比率、董事長兼任總經理對於ST財務危機公司呈現顯著負相關;(4)公司違反違規購買股票之規定、公司違反虛飾利潤之規定、公司違反推遲披露之行為、公司違反虛假陳述之行為、公司違反重大遺漏之規定、公司違反操縱股價之規定、公司違反違規擔保之規定、公司違反其他之規定對於ST財務危機公司呈現顯著正相關。
英文摘要 Financial distress of corporate financial area has been a very important issue, there are many studies that using financial factors and non-financial factors to discuss the financial distress for the company's associations. Since 2003, mainland China importance of corporate governance, use of foreign advanced mechanism to strengthen corporate governance of Chinese companies internal control system, thereby enhancing company performance and reduce the possibility of financial crises, the use of financial factors in this study and corporate governance factors to test their company's financial crisis for the ST relationship. Physical problem occurs when the company, the company will use some means to cover up its financial position, financial statements, such as fraud, overstate the assets, understate the liabilities or use of financial information disclosed in the notes, etc., so Benpian also makes use of fourteen kinds of companies violation types to detecte the financial distress for the company's ST relevance. In this paper, China's Shanghai Stock Exchange and Shenzhen Stock Exchange listed companies for the study, between 2003 to 2010 to take China's 11,620 listed companies information to be analyzed, in fact, permit the results are summarized as follows: (1) violation of the company occur, ST financial Distress than the formation of the company showed a significant positive correlation; (2) operating cash flow to total debt ratio, return on total assets, current ratio, total asset turnover for the financial crisis, ST showed a significant negative correlation between corporate debt ratio for the ST financial crisis showed significant positive correlation company; (3) management of the shareholding ratio of part-time chairman, general manager for ST's financial crisis showed significant negative correlation; (4) illegal to buy shares of the company violates the provisions of a breach of the provisions of profits veneer , to postpone disclosure of a breach of conduct, a breach of the act of false statements, significant omissions violate the provisions of the company, the company violated the provisions of manipulating stock prices, the company violated the provisions of security breaches, a breach of other provisions of the financial crisis for the ST showed a significant positive correlation company.