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在理论分析的基础上,本文实证检验了我国2000~2008年上市财务困境公司的股权结构变化与管理者变更情况及原因。研究发现:陷入财务困境后,我国上市公司的股权结构发生了显著的变化,公司管理者变更频率显著高于非财务困境公司,而股权结构与管理者的变更显著受到公司治理结构本身的影响。最后,本文认为,正确应对国有股“一股独大”问题、重视股权制衡机制的作用以及充分发挥董事会的治理职能对我国财务困境公司而言具有现实的借鉴意义。
On the basis of theoretical analysis, this paper empirically tests the change of ownership structure and the change of managers as well as the reasons for listed companies with financial distress in China from 2000 to 2008. The study finds that after the financial distress, the shareholding structure of listed companies in our country has undergone significant changes. The change frequency of corporate managers is significantly higher than that of non-financial distressed companies. The changes of ownership structure and managers are significantly affected by the corporate governance structure itself. Finally, this paper holds that it is of practical significance for our country’s financial distress companies to correctly handle the state-owned shares “a single dominant ” issue, pay attention to the role of equity checks and balances and give full play to the governance functions of the board of directors.