An Empirical Study On The Internal Factors Affecting The Financial Distress Recovery Of Listed Companies In Manufacturing

Manufacturing accounts for more than 40%of China's GDP,and it is the foundation of our economy.Manufacturing listed companies top the list of financial distress group of stock market,the improvement of their financial status is not only directly related to its survival,but also affects the interests of investors,creditors and the development of China's securities market.Therefore,it is of great significance to establish an effective recovery mode of manufacturing financial distress and help enterprises to take effective measures to restore.This thesis includes six parts,as follows:The first part introduces the research background,significance,content and methods,as well as innovations.The second part includes literature review and theoretical basis.Based on the related theories and institutional background,the concept is defined.The third part introduces the financial distress status quo of manufacturing listed companies from 2005 to 2016,and analyzes the influencing factors.The fourth part is the empirical research design.The fifth part establishes the Logistic dual regression model through the empirical test.The study found that:the operational capacity and profitability of manufacturing listed companies significantly affect the recovery of financial distress;In terms of non-financial factors,the chairman also serves as the general manager,the executive shareholding ratio and the size of the enterprise have significant impacts on the recovery of the financial distress.Finally,the corresponding management suggestions are put forward,and the limitations of the research and the future prospects are illustrated.This thesis reveals the internal factors that affect the recovery of financial distress of manufacturing listed companies through empirical research,So that manufacturing companies can take the correct response measures to improve the efficiency of governance,so as to help enterprises to stay away from financial difficulties,resume normal production and operation as soon as possible.