摘要
公司所属行业是陷入财务困境的一个重要的影响因素,本文主要运用Cox模型衡量不同行业的财务困境风险关系。我们以我国A股制造业上市公司为研究对象,选取制造业中样本量最大的两个次级行业:机械、设备、仪表行业以及石油、化学、塑料行业,以"月"作为生存时间基本单位,选取8个财务指标和一个行业虚拟变量进行实证研究。实证结果表明机械、设备、仪表行业陷入财务困境的风险为石油、化学、塑料行业的0.469倍,并且显著影响这两个行业的公司陷入财务困境的财务指标也不相同,表明研究财务困境考虑行业的重要性;稳健性检验表明这些结论具有可靠性。
Industry is an important factor that affects financial distress.This paper analyzes the relation of different industries＇risk of financial distress by using Cox model.We investigate listed Ashare companies in manufacturing sector,and select the two biggest subordinate industries：machinery, equipment and instrument industry and oil,chemical,plastic industry.This paper chooses 8 financial indexes and 1 dummy variable to research empirically based on month time.Empirical results indicate that the risk of financial distress in machinery,equipment and instrument industry is 0.542 times in oil,chemical,plastic industry,and the financial indexes that affect the risk of financial distress are very different between the two industries;robust tests show these conclusions is creditable.
出处
《数理统计与管理》
CSSCI
北大核心
2011年第2期339-345,共7页
Journal of Applied Statistics and Management
基金
国家自然科学基金(70825003)
国家社会科学基金(07AJL002)资助
