债务违约风险的影响因素分析
Analysis of Influencing Factors of the Risk of Debt Default
陈诗怡1
作者信息
- 1. 广西大学 工商管理学院,广西 南宁 530004
- 折叠
摘要
选取 2019-2020 年沪深A股上市公司为研究样本,并根据以往文献选取可能影响债务违约风险的变量进行研究.主要的研究结果表明基本财务指标、股权结构、产品市场竞争、股价同步性均对债务违约风险有显著的影响.研究发现在非国有企业样本中,股权质押、第一大股东持股比例和利息保障倍数对债务违约风险的影响更为显著.进一步运用主成分分析将因子重新归为 4 类,并基于行业对影响因素进行K-均值聚类.所用的分析方法包括描述性检验、独立样本均值t检验、线性回归分析、因子分析、K-均值聚类分析.
Abstract
This paper selects A-share listed companies in Shanghai and Shenzhen from 2019 to 2020 as research samples,and selects variables that may affect the risk of debt default according to previous literature.The main research results show that basic financial indicators,ownership structure,product market competition and stock price synchronicity all have a significant impact on debt default risk.It is found that in the sample of non-state-owned enterprises,the impact of equity pledge,the shareholding ratio of the largest shareholder and interest coverage ratio on debt default risk is more significant.Further analysis uses principal component analysis to classify the factors into four categories,and carries out K-means clustering on the influencing factors based on the industry.The analysis methods used include descriptive test,independent sample mean T test,linear regression analysis,factor analysis and K-means cluster analysis.
关键词
债务违约风险/股权质押/产品市场竞争/股价同步性Key words
the risk of debt default/equity pledge/product market competition/stock price synchronicity引用本文复制引用
出版年
2024
NETL
NSTL
维普
万方数据