外文翻譯---財(cái)務(wù)困境與破產(chǎn)的比較-免費(fèi)閱讀
【正文】 區(qū)分財(cái)務(wù)困境企業(yè)和健康企業(yè)比傳統(tǒng)地比較破產(chǎn)和健康企業(yè)更難，因此建立預(yù)警系統(tǒng)模型來檢測(cè)財(cái)務(wù)困境也就更加困難了。當(dāng)一個(gè)公司的比率偏離行業(yè)標(biāo)準(zhǔn)時(shí)，他們將會(huì)表現(xiàn)出來。追溯到 1999 當(dāng)公司被認(rèn)定為處于財(cái)務(wù)困境之前的 12 個(gè)月的數(shù)據(jù)，這使建立財(cái)務(wù)困境預(yù)警模型成為可能。三個(gè)不同財(cái)務(wù)困境屏幕的重疊比預(yù)想還少，如表 2所示。公司低于所有三個(gè)財(cái)務(wù)困境屏幕閾值的要求意味著他們是在一個(gè)嚴(yán)重但不一定是一個(gè)致命的困境階段。如果所有三屏在這兩年為負(fù)，則公司被歸類為財(cái)務(wù)困境企業(yè)。該樣本包括了 14 個(gè)制造 行業(yè)標(biāo)準(zhǔn)普爾數(shù)據(jù)庫中列示的每個(gè)公司，以此來避免抽樣偏差（見 Zmijewski，1984 年）。 研究方法 樣本的選取和財(cái)務(wù)困境的識(shí)別 結(jié)合許多行業(yè)到一個(gè)數(shù)據(jù)集里來增加樣本量，將產(chǎn)生由較小的標(biāo)準(zhǔn)估計(jì)誤差引起的計(jì)量經(jīng)濟(jì)學(xué)的優(yōu)勢(shì)。最重要的是，這些信息將使財(cái)務(wù)困難企業(yè)被處理，并可能被治愈，而不是任其破產(chǎn)。 關(guān)鍵詞： 財(cái)務(wù)困境 ； 破產(chǎn) ； 預(yù)警模型 ； 重建 導(dǎo)論 能夠合理準(zhǔn)確地預(yù)測(cè)公司可能申請(qǐng)破產(chǎn)保護(hù)有益于銀行信貸員，投資者，信貸管理人員，管理人員和供應(yīng)商等。該樣本是從標(biāo)準(zhǔn)普爾行業(yè)數(shù)據(jù)庫中的信用等級(jí)三識(shí)別系統(tǒng)經(jīng)過篩選得到的。 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 possib
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