The Interaction of Solvency with Liquidity and its Association with Bankruptcy Emergence
利用破产前的会计信息，发现偿付能力风险低但流动性风险高的企业最可能从破产中重组，而两者风险均高的企业最不可能重组，且结果在大小企业间存在差异。
Prior research has shown that accounting information available prior to a bankruptcy is associated with the likelihood of bankruptcy. We show that additionally, the accounting information available prior to bankruptcy is associated with whether or not a firm will emerge from bankruptcy. We predict that firms that exhibit low solvency risk and high liquidity risk are most likely to emerge from bankruptcy. Firms that exhibit high solvency risk and high liquidity risk are predicted to be least likely to emerge from bankruptcy. Cross–sectionally, our results support these predictions, but our findings differ across large and small firms.