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化债问题一直是影响ST公司存亡与否的重要因素之一,学者从很早开始就已经注意到了这个问题,并进行了很多相关研究,但直到现在,ST上市公司究竟应如何化解债务以及其公司治理结构方式到底如何影响债务化解策略,无论在理论还是实证检验方面都没能得出较为一致的结论。本文简要介绍了债务问题的产生——财务困境理论,以及针对公司治理结构与化债策略关系所做的实证检验以及国内学者在这方面的研究情况。
The debt issue has always been one of the important factors affecting the survival of the ST company. Scholars have noticed this problem from a very early stage and made a lot of related studies. However, up to now, how ST listed companies should resolve their debts and their How the corporate governance structure affects the debt deflation strategy does not lead to a more conclusive conclusion both in theory and empirical test. This article briefly introduces the issue of debt problems - the financial distress theory, the empirical test on the relationship between corporate governance structure and debt bondage strategy, and the domestic scholars’ research situation in this respect.