公司治理和财务困境实证研究外文文献翻译.docVIP

公司治理和财务困境外文文献翻译 () 文献出处： The Chinese Economy, vol. 39, no. 5, September–October 2006, pp. 5–27.? 英文原文 We investigated the relationship between corporate governance characteristics and financial distress risk in the context of Chinas economic transformation. A sample of 96 companies with financial difficulties and 96 companies with healthy financial conditions found that the ownership of major shareholders, state ownership, and the proportion of independent directors are negatively related to the probability of financial distress. In addition, management agency costs are extremely unfavorable to the companys financial status. However, a certain degree of balance of ownership, management shareholding, board size, and CEO overlapping roles do not have much impact on the occurrence of such financial distress. In addition, we also tested the impact of restructuring from state-owned enterprises to state-owned and non-state-owned ownership companies. The results show that the effects of different corporate governance structures on the two types of corporate financial crisis are also different. Since the 1980s, corporate governance has become an empirical issue in the study of financial distress. Previous studies have examined the relationship between corporate governance and corporate failure. Chaganti, Mahajan, and Sharma (1985) surveyed 21 homes to retail companies. The results show that companies with larger board of directors are less likely to fail. Daily and Dalton (1994a) studied fifty bankruptcies and found that the CEOs role as concurrent chairman and lower board independence was related to high bankruptcy rates. Miller and Buck (1997) used a sample of 33 matching US company research reports that the percentage of the company’s CEO concurrently chairman and external staff was positively related to the turnover rate. Simpson and Gleason (1999) surveyed 287 banks and their findings showed that the CEO’s role as chairman is related to the possibility of lower finan