The Research On Influence Of Macroeconomic Factors On The Financial Distress Of Private Listed Company

Since 2007, the global financial crisis triggered by the U.S. subprime mortgage crisis, while caused Europe and the United States falling into a deep recession, affected Chinese economy greatly. Enterprises, especially private enterprises, runned badly. In this financial crisis, private listed companies suffered strongly due to their own drawbacks and deficiencies. Corporate profitability have fallen sharply, the proportion of companies in financial distress has increased, this phenomenon shows the intensity of the crisis. But it is rare that study the influence of macroeconomic factors on the financial distress of private listed company. Therefore, the study on the influence of macroeconomic factors on the financial distress of private listed company, which is significance for the development of private enterprise to provide advice.This paper discusses the definition and development status of private listed companies from a theoretical point, and the characteristics shown the development process; and then by statistical analysis from 1999 to 2008 has been in financial difficulties private listed companies descriptive statistics, principal component analysis was used to screen model predictor variables and final get three fully reflect the financial distress. Financial Position of principal component variables, bold to analyse macroeconomic factors, financial difficulties right Listed Companies effects. Finally, using Granger (Granger) causal analysis, examination of changes in macroeconomic factors on the private financial distress situation of the company. The empirical results show that there is a certain causal relationship between the macroeconomic factors changes with the private corporate financial distress.