非财务因素对上市公司财务失败的影响研究
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非财务因素对上市公司财务失败的影响研究(11000字)
摘要：以深、沪两市2008～2009年被认定为财务状况异常的66家ST公司为财务危机样本，另选取与其一一对应的66家财务健康公司相配对，对股权结构、公司治理、市场信息和审计意见等4个方面的9个非财务变量进行描述性统计，并运用因子分析分别检验其对财务失败的解释力。研究结果表明，除了年度累积超额收益率与审计师意见的预警效果较好以外，其他非财务变量预警效果均不显著。
关键词：财务失败；非财务变量；描述性统计；因子分析
Listed non-financial factors on the impact of financial failure
Abstract：This paper collects samples of 66 financial distressed companies in Shenzhen and Shanghai which suffer from financial situation abnormality in 2008～2009 and matches them with 66 good financial situation companies.Then this paper chooses 9 non-financial factors of ownership structure, corporate governance, market information and audit opinions to do descriptive statistics, and tests whether the 11 non-financial factors affect probability of financial distress by using the factor analysis. The result shows that annual abnormal cumulative returns and audit opinions have good explanation and prediction abilities to the pre-warning financial distress and that the other non-financial variables turn out to be insignificant.
Key words：financial failure; non-financial variables; descriptive statistics; factor analysis
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