Research On Factors Affecting Chinese Listed Companies That Emergence From Corporate Financial Distress

In the fast changing economic environment,the listed companies get a chance to develop rapidly,but they also have to face the risk of failure.There are a lots of companies fall into financial distress in recent years.Since the 1990s,with our country introducing the Special Treatment system,many companies have been put on a "special hat"-ST or*ST due to their deteriorated managements.When companies fall into financial distress,it not only restricts the normal operation of companies,but also brings great damage to stakeholders.In such background,it's meaningful to research the factors that affect the companies emerging from financial distress.What's more,we can find the key factors and propose some solutions which are targeted to help listed companies emerge from financial distress as soon as possible.This study mainly consists of five parts:the first part introduces the background,research significance and the topics of this study.The second part defined Chinese listed companies suffering financial distress and those emerging from financial distress,according to the views of scholars both domestic and abroad.Meanwhile,author summarizes and analyzes the domestic and foreign scholars' studies on financial distress,and elaborates the basic theories about the financial distress and emergence from financial distress.They pave the way for the following study.The third part mainly analyzes the factors that influence Chinese listed companies emerging from financial distress in detail and chooses 25 indicators for next part.The forth part is the empirical research.By choosing sample data and selecting variables,this study establishes the model of financial distress by using Logistic regression and the software of SPSS 19.0.Then this paper finds that H5,The Recovery Ratio of cash to total assets,Increase Rate of main business revenue,fixed assets turnover and Debt Asset Ratio have a significant effect on the emergence from financial distress.However,the relationship between Acid-test Ratio,Return on total assets Ratio,state share proportion and the emergence from financial distress is insignificant.Finally,in last part,author summarizes the perspective of the research and puts forward some suggestions for companies that are suffering financial distress.The characteristic of this study is that it focuses on the stage of companies emerging from financial distress.By researching on the factors that influence Chinese listed companies emerging from financial distress,author find the key factors and put forward targeted suggestions to assist companies return normal as soon as possible.