企业财务困境:新兴市场经济中上市公司的案例

IF 9.4 3区 管理学 Q1 BUSINESS, FINANCE Journal of International Financial Management & Accounting Pub Date : 2020-08-15 DOI:10.1111/jifm.12122
Regina M. Lizares, Carlos C. Bautista
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引用次数: 12

摘要

财务困境(FD)的发生并不容易明显,但可以跨越几个时期。本文使用行业相关(IR)公司/会计、市场和宏观层面的信息来研究FD的情节。混合logit回归显示,企业和市场措施以及宏观层面的变量解释了1995年至2018年期间菲律宾263家公开上市非银行公司FD的可能性。在具有时变截距和斜率的模型中,以0.30的截止概率获得了接近69%的财务困境公司的识别率。本研究显示了认识异质性企业行为的重要性。更准确地预测FD概率和确定公司财务健康状况的能力可以帮助金融机构分配资金和政策制定者预测危机事件。
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Corporate financial distress: The case of publicly listed firms in an emerging market economy

Occurrences of financial distress (FD) are not readily obvious yet can span several periods. This paper examines episodes of FD using industry-relative (IR) firm-/ accounting-, market- and macro-level information. Mixed logit regressions reveal that firm- and market-based measures, as well as macro-level variables explain the likelihood of FD in 263 publicly listed non-banking firms in the Philippines during the period 1995 to 2018. Rates of identification of firms in financial distressed states of close to 69 percent are obtained at a cutoff probability of 0.30 in the model with time-varying intercept and slope. This study shows the importance of recognizing heterogeneous firm behavior. The ability to more accurately predict the probability of FD and to determine the financial health of firms can help financial institutions in allocating funds and policy makers in predicting crises episodes.

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来源期刊
CiteScore
9.10
自引率
2.00%
发文量
23
期刊介绍: The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.
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