A Competing Risks Analysis of Corporate Survival
A Competing Risks Analysis of Corporate Survival
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DOI：
10.1111/j.1755-053x.2010.01127.x
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发表时间：
2010-12
影响因子：
2.8
通讯作者：
Qing He;T. Chong;Li Li-Li;Jun Zhang
中科院分区：
文献类型：
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作者：
Qing He;T. Chong;Li Li-Li;Jun Zhang
本文研究了香港上市公司的特征如何影响其破产、被收购和私有化的可能性。估计竞争风险模型。我们的研究结果表明，规模较大的公司更容易破产，而快速增长的公司更有可能被收购。我们还证明，估值低估是私有化的关键驱动因素。尽管股权结构集中导致代理成本较低，但香港上市公司私有化的倾向仍然随着自由现金流水平的提高而增加。
This paper investigates how the characteristics of a Hong Kong-listed firm influence its odds of going bankrupt, being acquired, and going private. A competing risks model is estimated. Our results reveal that larger firms are more vulnerable to bankruptcy, and that fast-growing firms are more likely to be acquired. We also demonstrate that undervaluation is a key driver of going private. Despite the low agency cost due to the concentrated ownership structure, the propensity of Hong Kong-listed firms to go private still increases with the level of free cash flow.