121009323412356789101112ThedistressandoutletofcorporatefinanceLiXinhe(AccountingDepartmentofBusinessSchool,NanjingUniversity)Abstract:Conventionalfinancialtheoryisnotasperfectasmostpeople’simagination.Pauperizationisstillthemostdifficultthingfacedbyconventionalfinancialtheory.Thepauperizationisshowedonnotonlythedepartureofitscontentsfrompractice,butalsotheruptureoftherelationshipswithrelatedsubjects.Thewayofgettingridofpauperizationistoextenditscontents,transfertheperspectiveofstudyandexploitnewfieldsofresearch.13Keywords:Corporatefinancedistressoutletpauperization