Acta Metallurgica Sinica(English letters)

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中国上市公司动态生命周期研究

陈磊   

  1. 北京邮电大学 经济管理学院
  • 收稿日期:2008-10-19 修回日期:1900-01-01 出版日期:2009-02-28

Researchondynamicsurvivaltimeoflistedcompanies

CHEN Lei   

  1. School of Economics and Management, BUPT
  • Received:2008-10-19 Revised:1900-01-01 Online:2009-02-28

摘要: 首先将中国上市公司按照财务状况分成财务状况优秀状态、财务状况稳定状态、财务状况恶化状态、财务状况严重恶化状态、破产或等待退市状态5个阶段;然后计算1994—2007年中国上市公司每年的转移概率,在此基础上推出1年转移概率矩阵;最后计算上市公司在各财务阶段的平均生存时间,以及从各财务阶段走向破产或退市的平均时间。

关键词: 财务困境, 财务阶段, 生存时间

Abstract: Based on financial situation, this article divides China’s listed companies into five statuses, namely, excellent, the stable, deteriorating, seriously deteriorating and bankruptcy or waiting for delisting. Next, this article calculates the annual transition probability of China’s listed companies from year 1994 to 2007, on the basis of which a one-year transition probability matrix is launched. Finally, it analyzes the average survival time of the listed companies at each inancial stage and the average time from each financial stage to bankruptcy or delisting.

Key words: financialdistress, financialstage, survivaltime

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