以下是高頓網(wǎng)校小編為ACCA學(xué)員整理的：P4高級(jí)財(cái)務(wù)管理，供大家參考。
 
　　INSOLVENCY AND FINANCIAL DISTRESS
　　A corporation may find itself in a situation of being insolvent when it cannot meet its financial obligations as they fall due. Financial distress is a situation that is less severe than insolvency in that a corporation can operate on a day-to-day basis, but it finds that these operations are difficult to conduct because the parties dealing with it are concerned that it may become insolvent in the future. When facing financial distress a corporation will incur additional costs, both direct and indirect, due to the situation it is facing.
　　The main indirect costs of financial distress relate to the higher costs of contracting with the corporation's stakeholders, such as customers, employees and suppliers. For example, customers may demand better warranty schemes or may be reluctant to buy a product due to concerns about the corporation's ability to fulfil its warranty; employees may demand higher salaries; senior management may ask for golden hellos before agreeing to work for the corporation; and suppliers may be unwilling to offer favourable credit terms.
　　Academics exploring this area postulate that because stakeholders are subject to the corporation's full risk, as opposed to only systematic risk, which is faced by the corporation's equity holders, the stakeholders would demand greater compensation for their participation. Where an organisation actively manages its risk and prevents (or reduces the possibility of) situations of financial distress, it will find it easier to contract with its stakeholders and at a lower cost. Hence, the more volatile the cash flows of a corporation, the more likely the need to manage its risk in order to reduce the costs related to financial distress.
 
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