1、 PDF外文：http:/ 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 :20063027 姓 名 :景 吉
2、 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 bankr
3、upt 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 dis
4、tressed 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-dis
5、tress 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 b
6、etween 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 bank
7、ruptcy 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
8、 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 than give a warning that the final phase of corporate existence is near. Whereas early bankruptcy pred
9、iction benefits participants in the restructuring and bankruptcy process, it provides little aid to managers or boards of directors who are positioned to turn around a business in crisis or financial distress. Indeed, a key factor explaining the successful application of bankruptcy prediction
10、models is that firms that file for Chapter 11 protection often exhibit financial distress symptoms for some time prior to the event. In most cases, bankruptcy occurs subsequent to a period of financial distress. Identification of healthy companies likely to become financially distressed would allow
11、remedial actions to possibly correct the causes of corporate decline before bankruptcy ensued. In addition to benefiting the stakeholders listed above, earlier financial distress information would provide insights to managers and owners, and would increase confidence that future deliveries will be m
12、ade among the network of other companies interrelated through corporate supply chains. Most importantly, such information would enable financially distressed companies to be treated and possibly cured rather than left to fail. The definition of financial distress is less precise than the legal actio
13、ns that define proceedings such as bankruptcy or liquidation. Despite this uncertainty, it is clear that the condition of being financially distressed deviates from corporate normality in a manner similar to bankruptcy. Financial distress precedes virtually all bankruptcies excepting those precipita
14、ted by sudden and unexpected events such as natural disasters, changed government regulations, or legal judgments. The question naturally arises whether the same factors known to be indicators of future bankruptcies are also indicators of future cases of financial distress. They may not be because b
15、ankruptcy is an event that recognized the failure of the company； in contrast, financial distress happens in stages and to different degrees. If the two processes are related then variants of bankruptcy prediction models could yield financial distress predictions； alternatively, if variables that predict bankruptcy have no predictive power regarding financial distress then a completely new explanatory model is required. That inquiry is the objective of this paper.
