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。
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.
作者
陈诗怡
CHEN Shiyi(School of Business Administration,Guangxi University,Nanning 530004,China)
出处
《商业观察》
2024年第9期57-61,共5页
BUSINESS OBSERVATION
关键词
债务违约风险
股权质押
产品市场竞争
股价同步性
the risk of debt default
equity pledge
product market competition
stock price synchronicity
