Financial distress of Chinese firms: Microeconomic, macroeconomic and institutional influences

被引：49

作者：

Bhattacharjee, Arnab ^{[1
]}

Han, Jie ^{[2
]}

机构：

[1] Heriot Watt Univ, Edinburgh EH14 4AS, Midlothian, Scotland

[2] CSR Capital AS, Beijing, Peoples R China

来源：

CHINA ECONOMIC REVIEW | 2014年 / 30卷

关键词：

Financial distress; Macroeconomic instability; Cox proportional hazards model; Unobserved heterogeneity; Emerging economies; BUSINESS-CYCLE; CREDIT RISK; CORPORATE GOVERNANCE; COMPANY FAILURE; STOCK MARKETS; AGENCY COSTS; GROWTH; MODEL; TRANSITION; BANKRUPTCY;

D O I：

10.1016/j.chieco.2014.07.007

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study the impact of both microeconomic factors and the macroeconomy on the financial distress of Chinese listed companies over a period of massive economic transition, 1995 to 2006. Based on an economic model of financial distress under the institutional setting of state protection against exit, and using our own firm-level measure of distress, we find important impacts of firm characteristics, macroeconomic instability and institutional factors on the hazard rate of financial distress. The results are robust to unobserved heterogeneity at the firm level, as well as those shared by firms in similar macroeconomic founding conditions. Comparison with related studies for China and other economies highlights important policy implications. (C) 2014 Elsevier Inc. All rights reserved.

引用

页码：244 / 262

页数：19

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