外文翻译---财务困境与破产的比较(编辑修改稿)

外文翻译---财务困境与破产的比较(编辑修改稿)内容摘要：

cially distressed if all three screens were negative in both years. Companies were defined as nonfinancially distressed otherwise. This approach yielded a total of 1403 panies for the analysis sample, including 276 financially distressed firms and 1,127 nonfinancially distressed panies. Two other financial distress identifiers previously employed by researchers were not included in the screening system: cash flow less than current maturities of longterm debt and layoffs, restructurings, or missed dividend payments. In the former case, the variable was excluded because it necessitates omitting panies without longterm debt. The later metric was dropped because prehensive data were not available. The threescreen system produced a total of 276 cases of financial distress across 14 industries as seen in Table 1. The table also includes the percentage of financial distressed firms in each industry and the number of no ndistressed panies. The requirement that panies fall below all three financial distress screen thresholds means that they are in a serious though not necessarily a fatal phase of distress. This methodology yields relatively more cases of financial distress in the Industrial Machinery amp。 Equipment and Instruments amp。 Related Products industries than in the other 12 industries. Weakness in heavy industries and segments of the hightechnology sectors as indicated by the threescreen test was widely reported at the time (in 2020) in the business press. How the threetiered screening method impacts the number of panies identified as financially distressed is observed in Table 2 where single and multiple screens are pared. By definition the threescreen system produces the fewest cases of financial distress because it is a distillation of panies at the intersection of individual screens. The multiple screen methodology reduces the number of financial distressed panies by between percent and percent across the fourteen industries pared with a methodology calling firms financially distressed when any one of the screens is violated. Of the three separate screens, Screen3 is the most profligate while Screen1 is the most economical selector of panies for the financial distress category. Overlap between the three individual financial distress screens is less than expected as seen in Table 2. Screen 3 is the most atypical as demonstrated by the large number of panies it calls financially distressed that are not similarly identified by the other two screens. The parison group of 1,127 nondistressed panies includes all panies in COMPUSTAT in the 14 industries that are not already identified as financially distressed and that have plete data for 1999 and 2020. Financially distressed firms are arbitrarily assigned a value of 1, while healthy firms are assigned a value of 0. The ability of a model to differentiate between populations of panies is affected by the degree to which the groups differ. The continuum of corporate health has a healthy category on one side, a bankruptcy category on the other side, and financial distress in between. Consequently, the financial distress/healthy pairing is more similar than is the bankrupt/healthy pairing which suggests that it should be more difficult to predict financial distress than it is to predict bankruptcy. Independent Variables Independent variables were created from fin。