外文翻译---财务困境与破产的比较.docVIP

西 南 交 通 大 学 本科毕业论文 财务困境与破产的比较 COMPARING FINANCIAL DISTRESS AND BANKRUPTCY 年 级:2006 级 学 号: 姓 名:景 吉 英 专 业:会 计 指导老师:段 宏 2010年06月英文原文： Comparing Financial Distress and Bankruptcy Abstract Most research purporting to address the issue of financial distress has actually studied samples of bankrupt companies. In contrast, this paper starts with a sample of companies that are financially distressed but not yet bankrupt. The sample was obtained following a screen of the Compustat industry database with a three-tiered identification system. The screen bifurcated companies into financially distressed and not distressed groups. A multi-tiered screen reduces the incidence of mistakenly identifying a non-distressed company as financially distressed. The paper then asks whether identical causal factors are associated with both bankruptcy and financial distress. An early warning financial-distress model was developed and then compared to an existent model of bankruptcy. The final financial distress model included one variable already present in the bankruptcy model and four new variables. The partial overlap of explanatory factors between the models suggests a semi-strong relationship between financial distress and bankruptcy because some factors causing firms to become financially distressed do not later lead them into bankruptcy. The work shows that banks and other lenders who want to control problem loans should rely on more information than what is contained in well-known bankruptcy models. Key Words: Financial Distress, Bankruptcy, Early Warning Model, and Renewal Introduction The ability to predict with reasonable accuracy companies likely to file for bankruptcy protection benefits bank loan officers, investors, credit managers, regulators and vendors among others. These benefits principally accrue to participants in the end-stage of the corporate life cycle. That is, these predictions come too late in the process of corporate decline to do much more