{"title":"债务融资与创新型公司的失败:CHS模型在美国股票市场的应用","authors":"Nguyễn Quang Mỹ, Mustafa Sayim, Hamid Rahman","doi":"10.1080/1226508X.2019.1588767","DOIUrl":null,"url":null,"abstract":"ABSTRACT This study aims to determine whether increasing a firm’s leverage significantly changes its level of bankruptcy risk in the innovative industry by using the CHS model [Campbell, J. Y., J. Hilscher, and J. Szilagyi. 2008. “In Search of Distress Risk.” The Journal of Finance 63 (6): 2899–2939] to test 395 American innovation companies. These companies are categorised into four groups based on their debt ratios and their performance on the NYSE and NASDAQ stock exchanges is analysed in three separate periods. The findings reveal that innovation companies with a higher debt level are no riskier than those with a lower debt level.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.9000,"publicationDate":"2019-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":"{\"title\":\"Debt Financing and the Failure of Innovation Companies: The Application of the CHS Model in U.S. Stock Markets\",\"authors\":\"Nguyễn Quang Mỹ, Mustafa Sayim, Hamid Rahman\",\"doi\":\"10.1080/1226508X.2019.1588767\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"ABSTRACT This study aims to determine whether increasing a firm’s leverage significantly changes its level of bankruptcy risk in the innovative industry by using the CHS model [Campbell, J. Y., J. Hilscher, and J. Szilagyi. 2008. “In Search of Distress Risk.” The Journal of Finance 63 (6): 2899–2939] to test 395 American innovation companies. These companies are categorised into four groups based on their debt ratios and their performance on the NYSE and NASDAQ stock exchanges is analysed in three separate periods. The findings reveal that innovation companies with a higher debt level are no riskier than those with a lower debt level.\",\"PeriodicalId\":45235,\"journal\":{\"name\":\"Global Economic Review\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.9000,\"publicationDate\":\"2019-03-11\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"3\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Global Economic Review\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1080/1226508X.2019.1588767\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Global Economic Review","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1080/1226508X.2019.1588767","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 3
摘要
摘要本文采用CHS模型研究创新产业中增加企业杠杆是否会显著改变其破产风险水平[Campbell, J. Y. Hilscher, and J. Szilagyi. 2008]。“寻找遇难风险。”[j]科研管理，2013(6):1 - 4。这些公司根据负债率被分为四类，它们在纽约证交所(NYSE)和纳斯达克(NASDAQ)上市的表现被分三个时间段分析。研究结果显示，负债水平较高的创新型企业风险并不高于负债水平较低的创新型企业。
Debt Financing and the Failure of Innovation Companies: The Application of the CHS Model in U.S. Stock Markets
ABSTRACT This study aims to determine whether increasing a firm’s leverage significantly changes its level of bankruptcy risk in the innovative industry by using the CHS model [Campbell, J. Y., J. Hilscher, and J. Szilagyi. 2008. “In Search of Distress Risk.” The Journal of Finance 63 (6): 2899–2939] to test 395 American innovation companies. These companies are categorised into four groups based on their debt ratios and their performance on the NYSE and NASDAQ stock exchanges is analysed in three separate periods. The findings reveal that innovation companies with a higher debt level are no riskier than those with a lower debt level.
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