摘要
上市公司如果不能在宏观经济环境中调整好自身的运行状态,很容易陷入失败境地。文章就宏观经济因素对上市公司失败的影响进行了理论阐述,并选取GDP、居民消费价格指数、货币供应量、全员劳动生产率、上证综合指数、市场化进程指数等变量进行了实证分析,发现除了市场化进程指数这一变量p值不够显著,其他变量的t值和p值均显著,说明这些变量与上市公司失败率的相关性显著,能够较好地用于解释1993—2010年上市公司的失败情况。
Those companies which can not adjust their operating state under the macro-economic environment will be prone to failure situation.The paper gives the theoretical explanations on the macro-economic factors which can affect the failure of Chinese listed companies.Further more,the paper selects the GDP,the residents consumer price index,the money supply,the overall labor productivity,the Shanghai Composite Index and the market process index as the variables in the empirical analysis.The results show that in addition to the market process index whose p value is not significant,the t-values and p values of other variables are all significant.It indicates that the correlation between these variables and the failure rate of listed companies is significant.So,the results can be used to explain the failure of listed companies during the period1993-2010 well.
出处
《公司金融研究》
2015年第2期120-137,共18页
Journal of Corporate Finance
关键词
上市公司失败
宏观经济因素
相关性分析
Failure of Listed Companies
Macro-economic Factors Correlation Analysis
