外文翻譯---財(cái)務(wù)困境與破產(chǎn)的比較(已修改)
2025-06-01 08:44 本頁面
【正文】 西 南 交 通 大 學(xué) 本科畢業(yè)論文 財(cái)務(wù)困境與破產(chǎn)的比較 COMPARING FINANCIAL DISTRESS AND BANKRUPTCY 年 級(jí) :2020 級(jí) 學(xué) 號(hào) :20203027 姓 名 :景 吉 英 專 業(yè) :會(huì) 計(jì) 指導(dǎo)老師 :段 宏 2020 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 panies. In contrast, this paper starts with a sample of panies that are financially distressed but not yet bankrupt. The sample was obtained following a screen of the Compustat industry database with a threetiered identification system. The screen bifurcated panies into financially distressed and not distressed groups. A multitiered screen reduces the incidence of mistakenly identifying a nondistressed pany as financially distressed. The paper then asks whether identical causal factors are associated with both bankruptcy and financial distress. An early warning financialdistress model was developed and then pared 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 semistrong relationship between financial distress and bankruptcy because some factors causing firms to bee 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 wellknown bankruptcy models. Key Words: Financial Distress, Bankruptcy, Early Warning Model, and Renewal Introduction The ability to predict with reasonable accuracy panies 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 endstage of the corporate life cycle. That is, these predictions e 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 prediction 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 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 panies likely to bee financially distressed would allow 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 made among the work of other panies interrelated through corporate supply chains. Most importantly, such information would enable financially distressed panies to be treated and possibly cured rather than left to fail. The definition of financial distress is less precise t
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