外文翻譯---財(cái)務(wù)困境與破產(chǎn)的比較-全文預(yù)覽
【正文】 dentified by the other two screens. The parison group of 1,127 nondistressed panies includes all panies in COMPUSTAT in the 14 industries that are not already identified as financially distressed and that have plete data for 1999 and 2020. Financially distressed firms are arbitrarily assigned a value of 1, while healthy firms are assigned a value of 0. The ability of a model to differentiate between populations of panies is affected by the degree to which the groups differ. The continuum of corporate health has a healthy category on one side, a bankruptcy category on the other side, and financial distress in between. Consequently, the financial distress/healthy pairing is more similar than is the bankrupt/healthy pairing which suggests that it should be more difficult to predict financial distress than it is to predict bankruptcy. Independent Variables Independent variables were created from financial statement data obtained from COMPUSTAT for the year 1999. Data from 1999 precedes by twelve months the date when panies are identified as financially distressed, which allows them to be used in constructing an early warning model of financial distress. Data selection includes typical financial statement items. Table 3 lists the specific financial items taken from Compustat and the financial ratios formed to measure profitability, liquidity, operational efficiency, leverage and growth. These ratios are tested as possible determinants of financial distress. The transformation of pany ratios into industryrelative ratios is described in equation (1). Industry Relative Ratioi,j? Indus t yji n Ra t i oM e a n Ra t i o si39。 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 Intr
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