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Estimates of Financial Distress Costs Revisited: Evidence from TSE-Listed Firms

机译：重新审视财务困境成本的估计：来自TSE上市公司的证据

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Branch (2002) in his review article writes "Clearly we have a wide range of estimates for financial distress costs." [Ben Branch (2002), "The Cost of Bankruptcy: A Review," International Review of Financial Analysis, vol.11, pp. 39-57.] When combining direct financial distress costs which primarily include the administrative costs, unpaid taxes/employee compensation and indirect financial distress costs which include the deterioration of the asset value and the loss of profitable opportunities, the estimates are indeed widespread: Warner (1977) reports that direct bankruptcy costs are 4% of market value one year prior to bankruptcy [J. Warner (1977), "Bankruptcy Costs: Some Evidence," Journal of Finance, vol.32, pp.337-47]; Altaian (1984) finds that direct costs are 4.3% for 11 retailers and seven industrial firms and indirect costs are 4.5% for retailers and 10.5% for industrial firms [E. I. Altaian (1984), "A Further Empirical Investigation of the Bankruptcy Cost Question," Journal of Finance, vol.39, pp. 1067-1089.]; Kaplan (1994) even claims that the bankruptcy process might produce a net gain from the bankruptcy-induced financial restructuring process [S. Kaplan (1994), "Campeau's Acquisition of Federated Post-bankruptcy Results," Journal of Financial Economics, vol.35, pp.123-136]. More recently, Chen and Merville (1999) point out that "firms with a distinctive pattern of increasing financial distress over time, the average annual loss as a percentage of market value is -10.3%.
机译：Branch（2002）在他的评论文章中写道：“显然，我们对财务困境成本有各种各样的估计。” [Ben Branch（2002），“破产的代价：回顾”，《国际金融分析评论》，第11卷，第39-57页。]当合并直接财务困扰成本时，主要包括行政成本，未付税款/雇员补偿和间接财务困境成本，包括资产价值的下降和获利机会的损失，估计的确是广泛的：Warner（1977）报告说，直接破产成本占破产前一年市场价值的4％[J 。 Warner（1977），“破产成本：一些证据”，《金融杂志》，第32卷，第337-47页]； Altaian（1984）发现，11家零售商和7家工业公司的直接成本为4.3％，零售商的间接成本为4.5％，工业公司为10.5％[E. I. Altaian（1984），“对破产成本问题的进一步实证研究”，《金融杂志》，第39卷，第1067-1089页。 Kaplan（1994）甚至声称，破产程序可能会从破产诱导的财务重组程序中产生净收益[S. Kaplan（1994），“ Campeau对联邦破产后结果的收购”，《金融经济学杂志》，第35卷，第123-136页]。 Chen和Merville（1999）最近指出，“随着时间的推移，财务困境的特征与日俱增，平均年亏损额占市场价值的百分比为-10.3％。

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