尽管众多研究表明国有产权在公司正常经营期间会降低绩效,但一旦陷入财务困境,源于国有产权的预算软约束却可以降低财务困境成本,从而有利于国有公司。本文以1999—2005年期间发生财务困境的上市公司为研究对象,发现在财务困境期间国有产权对公司绩效具有积极影响,并且当公司规模较小或者财务杠杆较高时,这种积极作用更为明显。 Although many studies show that state-owned property rights will reduce performance during the normal operation of the company, once the financial distress comes into being, soft budget constraints arising from state-owned property rights can reduce the cost of financial distress and thus benefit the state-owned companies. Taking the financial distress listed companies from 1999 to 2005 as the research object, this paper finds that the state-owned property rights have a positive impact on the corporate performance during the financial distress, and this positive effect is more significant when the corporate size is smaller or the financial leverage is higher obvious.