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摘要债务重组作为上市公司解决财务困难的主要途径日益受到关注。上市公司可通过债务重组改善财务状况，缓解当前的偿债压力以便维持后续经营；但同时债务重组也会带来严重的道德风险，投资者根据上市公司披露的债务重组信息和公司报表进行决策，使公司面临逆向选择问题。在我国，会计准则对债务重组方面的规定不足，存在上市公司利用这些规则缺漏进行盈余管理的现象。文章选取2008年1月1日至2009年12月31日109家进行债务重组的上市公司，进行上市公司债务重组效应研究。一方面通过分析重组动机及重组前后公司财务指标，研究债务重组的公司治理效应，另一方面通过三因子模型计算债务重组前后股票投资超额收益率，分析债务重组信息的公告效应。64239
关键词 债务重组 会计准则 市场反应 公司治理效益
毕业论文 外 文 摘 要
Title Study of Debt Restructuring Information Announcement Effect of Listed Companies
Abstract As a main way to solve the financial difficulties of listed companies, debt restructuring gets growing concern. Listed companies use debt restructuring to improve their financial position and to alleviate the pressure of debt in order to maintain follow-up operation. However，debt restructuring will cause a serious moral hazard. Investors make decisions according to the information and statements disclosed by listed companies, which will make the companies face the problem of adverse selection. And in the real economy, listed companies take advantage of some shortcomings in China's accounting standards requirements to get earnings. To study the effect of debt restructuring announcement, we selected 109 listed companies with debt restructuring during January 1, 2008 to December 31, 2009. On the one hand, we analyse the motivation of debt restructuring and short-term and long-term effect on corporate performance by comparing the financial indicators of the year before and three years after the debt restructuring. On the other hand, we establish the FF-model to calculate the excess returns and the outcome to study the market effects of the information bulletin.
Keywords debt restructuring accounting standards market effects effectiveness of corporate governance
1 引言 1
1.1 研究背景 1
1.2 研究目的及意义 1
1.3 研究内容和方法 2
2 债务重组相关理论 4
2.1 债务重组定义 4
2.2 我国《会计准则——债务重组》修订历程 4
2.3 债务重组动因 5
2.4 债务重组意义 6
3 债务重组公司治理效应实证分析 7
3.1 样本选取与数据来源 7
3.2 公司债务重组动因分析 7
3.3 公司财务指标分析 8
3.4 本章小结 11
4 债务重组市场反应实证分析 12
4.1 Fama-French三因子理论模型 12