The Impact of Ultimate Owner's Behavior on Corporate Financial Distress
利用基于泰勒展开的交互逻辑模型，研究发现财务比率与财务困境的关系不稳定，高度依赖最终控制人行为，这可能源于为隧道效应而进行的盈余管理。
This paper explores the impact of ultimate owner's information on the corporate financial distress by utilizing interactive logistic model based on Taylor's expansion.With the model sample selected by matching method,the empirical results show that the model has better goodness of fit,prediction power and robustness. Most importantly,the authors find that there exist a non-stable relationship between financial ratios and financial distress,which is highly depended on the behavior of ultimate owner.This phenomenon might be ascribed to earnings management that aims at the implementation of tunneling.The conclusion provides an empirical evidence for the reform of corporate ownership and improvement of financial transparency and quality.