Research on the Influence Factors of Financial Risk for Small and Mediumsized
|
|
- Dwight Shaw
- 8 years ago
- Views:
Transcription
1 Research on the Influence Factors of Financial Risk for Small and Mediumsized Enterprise An Empirical Analysis from 216 Companies of Small Plates, ShenZhen Stock Exchange, China 4 Fu Gang Associate professor, College of Economics and Management, Sichuan Agricultural Universy, Chengdu, China.(611130). Liu Dan Master, College of Economics and Management, Sichuan Agricultural Universy,Chengdu, China (611130). Un: Economics & Management School of Sichuan Agricultural Universy Add: No. 211, Huiming Road, Gongping Town, Wenjiang Area, Chengdu Branch Campus of Sichuan Agricultural Universy, Chengdu Cy, Sichuan Province Post Code: Abstract Based on previous research on financial risk, this article attempts to analyze financial risk factors of China's Small and medium-sized enterprises(smes) by using Alexander Bathory model and currently available data on small and medium enterprise board, ShenZhen stock exchange. Using regression analysis,financial risk was measured by Alexander Bathory model, was found: the financial risk was significantly negative-correlated wh current ratio, net prof margin, net assets ratio, the ratio of fixed assets,weakly correlated wh fixed asset turnover, total asset turnover, while no significant correlation wh debt structure, inventory turnover, accounts receivable turnover. Key Words: Small and medium-sized enterprises, financial risk, regression analysis, Empirical 1.Introduction As we know, small and medium-sized enterprises are playing an increasingly important role in the national economy in China. According to the related data shows, at present, small and medium-size enterprises take a rate of 99% among the registered enterprises from Chinese industry and commerce, and provide over 75% of the urban employment opportunies. After the outbreak of financial crisis in 2008, China is facing huge inflationary pressures in early and liquidy pressure. In 2010, the central bank had to choose to raise interest rates after several fails of being forced to raise the depos reserve rate. As a result, the largest group affected is small and medium-size enterprises. Weak in China s banking system, small and medium-sized enterprise will be more difficult to loan after the bank tighten monetary policy. Severe challenges small and medium-sized enterprises facing now are: the rise of production material and labor force, appreciation of the RMB, rise in loan interest rates, increasing of financing costs. Paying attention to the small and medium enterprises financial risk is not only of theoretical meaning, but also a realistic significance. 2. Lerature Review In recently years, many scholars devote themselves to the research of enterprise financial risks from different angles. Zhou Chunsheng and Zhao Duanduan (2006) did a empirical research to the financial 4 Liu Dan and Fu Gang are both the corresponding authors. 380
2 risks of listed private enterprise wh Z value, found that average level of private listed companies financial risk is significantly higher than that of state-owned holding listed companies. And in 2004 Andes Barbro, together wh MiguelJ.Bagajewicz put forward a new two-stage random management pattern to reduce financial risk from enterprise management of view. To the study of small and mediumsized enterprises financial risk, Wang Yining and Chen Zhichao(2010) found that financial risk of financing constrainted Company is higher than that of unconstrained, basing on the unbalanced panel data. And Hu Meihui mainly do the research through questionnaire, analyzing the small and mediumsized enterprises in central Taiwan wh multivariable analysis and Log regression analysis. And s financial prewarning model has four conclusion: First, the company leader has multiple professional knowledge. Second, significant environmental change will cause poor management of small and mediumsized enterprise (such as the change of government policy). Third, a sound financial system is needed. Forth, the company needs a good monoring system. The foundation of above 4 ems is useful to lower the genesis probabily of company financial crisis. In 2006, Liao Weiyan take the small and mediumsized enterprise material, which is offered by a financial instutions, to study the characteristics of these kinds of enterprises, using the Logistic regression and factor analysis, and the variable contains financial variables and the non-financial variables. The research conclusions are as below: first, when model considers the financial and non-financial variables, predictive abily of model will be superior to the model that uses financial variables only. Second, is more difficult for some young small and mediumsized companies (less than 7 years) to predict about the company financial than the older one. Once in 2005, Cao Defang and Zeng Murong used enterprises financial leverage coefficient as the dependent variable, did a general empirical research to large enterprises financial risk. They thought that the financial risks of enterprise are related wh enterprise liabilies scale and liabily structure, and have a negative correlation wh profabily and operation abily, have no obvious linear correlation wh enterprise debt interest rates and solvency. From the studies above, we can find that most scholars research mainly focuse on the concept of financial risk for SMEs, warning models, strategies, management of financial risk. there has been some scholars make empirical research at present, but relatively less. After the financial crisis, what the financial risk condion of small and medium-sized enterprises will be? how about the influence factors? All these are worthy to be discussed and further studied for us. 3. Variables Definion and Research Hypothesis Generally speaking, financial risk includes broad and narrow risk. Broad risk refers to the possibily of the actual financial condions deviation from the expected; is all risk factors reflected in the enterprise financial, including financing risk and investment risk and prof distribution risk, etc. Narrow risk refers to the possibily of debt that cannot be afforded, which is caused by financing liabilies when matures (Cao Defang, 2005). The financial risk in this paper is narrow financial risk. Based on the data choice, this paper took 216 small and medium-sized board listed enterprises and used the 2010 annual financial statements as a sample. At the same time, considering the particulary of the small and medium-sized enterprises, Alexander Bathory model was used to measure the size of the financial risk. 3.1 Definion of dependent variable From the previous research, methods of measuring the financial risks include the asset-liabily ratio method, probabilistic analysis, financial leverage coefficient, etc. Asset-liabily ratio method measuring financial risk is vague,while need Combine return on assets. Probabily analysis is greatly subjective during the calculation, and the Operation is also difficulty. Financial leverage factor is a common method used many scholars, Because of s simple calculation.but taking into the much specification of the SMEs into account, in this paper, Alexander Bathory model was used to measure the financial risk. 381
3 This model can be expressed as below: FR = SZL + SY + GL + YF + YZ FR is the value measuring financial risk of index, We took as dependent variable in this paper. SZL = (prof before tax + depreciation + deferred tax) / current liabilies, SY = Pre-tax prof/operating capal, GL = Shareholders' interests / current liabilies, YF = Net tangible assets / total liabilies, YZ = Working capal / total assets. The characteristics of the model is applicable to all industries, and calculation is simple.it also can be used to predict the possibily of bankruptcy,as well as measure corporate strength. In Alexander Bathory s view, the smaller the value of FR is, the more weak the enterprise strength is and the more financial risks of enterprise have. 3.2 Definion of independent variables We Summarized in five main factors that affect SME's financial risk, in this article, were debt structure, solvency, performance, operation abily, and capal structure, set 12 indexs(x1~x12) as independent variables to express the the five main factors. The detail was shown in Table 1. Table 1: Definion of model variables Variable name Variable code Related definion Financial risk metric values FR Bathory s model metrics Debt structure x1 Current liabilies / non-current liabilies 3.3 Research hypothesis Solvency Performance Operation abily Capal structure x2 x3 x4 x5 x6 x7 x8 x9 x10 x11 x12 Current Ratio Quick Ratio Asset-liabily ratio Net prof rate Total asset returns Inventory turnover Fixed asset turnover Total asset turnover Accounts receivable turnover Net assets ratio Fixed assets ratio According to the related theory, hypothesis can be put forward as following: SMEs financial risk is posive wh debt structure. Debt structure is the ratio between current liabilies and long-term liabilies (non current liabilies) proportion in the total liabilies of the enterprise. Compared wh the long-term debt financing, Current liabilies financing is short-term, low costand more debt risk relatively. SMEs financial risk is negative wh solvency. Solvency refers to the solvency indicator that company repay maturing debt (including principal and interest). It can be divided into shortterm liquidy and long-term solvency indicators. The Stronger corporate solvency is, the more likely debt service is on schedule, and the less likely financial risks appear. SMEs financial risk is negative wh profabily. profabily refers to the profabily level of enterprise production and management. The more Corporate profabily is, the more profs get from the production and operation, the more able to guarantee of debt due for repaymenthe less likely financial risks appear. 382
4 SMEs financial risk is negative wh Operation abily. Operation abily depends on the strength of the turnover rate of assets, asset operation, asset management and other factors. The strong Operation abily can contribute to the growth in profabily, which in turn guarantee enterprises of good solvency, reduce financial risk. SMEs financial risk is negative wh Capal structure. The higher net assets ratio in total assets is, the more secure credors debt is. In the same way, the ratio of fixed assets can effectively protect the interests of credors, so as to reduce financial risk. 4. Empirical Analysis The research data of this paper was based on 2010 annual reports of 216 listed enterprises, which were randomly selected from small and medium plate of Shenzhen stock exchange, china.then we eliminated 14 enterprises that non-current liabilies was zero. Statistical software excel2003 and spss16.0 were used to process the data. 4.1 Descriptive statistical analysis Firstly, we did descriptive statistics analysis.it showed that the Sample of SMEs, in the research, had a big differences in operating condion, capal formation and so on. The maximum value of Financial risk is 630 times of the minimum, the maximum of asset-liabily ratio was to 97.3%, minimum value was 1.83%, and the standard deviation reached The average of Current Ratio and quick ratio were both above 1.5, to some extent, indicated that sample enterprises liquidation capacy is relatively strong. Insert table 2 here. 4.2 Correlation analysis Table 2: Descriptive statistical analysis of sample N min max mean stddev FR x E5 x x x x x x x x x x x Then, we did Correlation analysis for the sample, the result was shown in table 3.The Correlation analysis indicated that FR had a significantly posive correlation wh Current ratio, quick ratio, net prof margin, return on total assets, net assets ratio,in other words, financial risk had a significantly negative correlation wh Current ratio, quick ratio, net prof margin, return on total assets, net assets ratio. FR was significantly negative wh total asset turnover, asset-liabily ratio, 383
5 fixed asset ratio, and no significant correlation wh debt structure, inventory turnover, fixedasset turnover, receivables turnover. Table 3: correlation analysis x1 x2 x3 x4 x5 x6 Pearson Sig x7 x8 x9 x10 x11 x12 Pearson Sig Multiple linear regression Taking FR as dependent variable and the value of x1~x12 as independent variables,we did Multiple linear regression.first time, the regression result was not very satisfactory when put all 12 independent variables into the model. considering there may have collineary problem between variables, we removed the variables of linear obvious: Quick ratio, debt ratio, return on total assets.then the regression result was better. Regression coefficients was shown below(table 4). Table 4: Regression coefficients a Nonstandardized coefficient standard coefficient B standard error t Sig. (constant) debt structure(x1) E Current Ratio(x2) Net prof rate(x5) Inventory turnover(x7) Fixed asset turnover(x8) Total asset turnover(x9) Accounts receivable turnover(x10) Net assets ratio(x11) Fixed assets ratio(x12) a. dependent variable: FR From the Multiple linear Regression,we could see that the Sig of Current ratio, net prof rate, net assets ratio, the ratio of fixed assets were 0.000, indicated that the four variables had a significant linear relation wh Financial risk metric values FRand they were the main factors affecting financial risk. The Sig of Fixed asset turnover, total asset turnover were less than 0.200, had a certain significance, and a certain impact on the financial risk. The sig of debt structure, inventory turnover, accounts receivable turnover rate were less significant, the impact on financial risk is not obvious. 384
6 Table 5: Regression testing model Sum of squares df mean square F Sig. R 2 Adjusted R 2 Standard error of estimate Regression a residual Total The next, we did regression test, just as table 5. From the result of test, we could seef= psignificance levelwas 0.000R 2 of regression model was 0.890, adjusted R 2 was In the case of large samples (n=169)the fness (R 2 )of the model was well. Finallywe did multicollineary test for the nine variables to avoid multicollineary. The test index we used was tolerance (TOL) and variance inflation factor (VIF). The tolerance of variables X i can be 2 defined as: Toli = 1 R.When VIF was more than 10, in general, meaned that strong collineary i appeared in variables. The result of multicollineary test showed that the nine variables VIF were both less than 10, so the nine variables can be considered no significant multicollineary. 5. Conclusion and Analysis Through the above analysis of the sample data, we can get a conclusion as below: SMEs financial risk has a significant negative correlation wh solvency in china, especially flow ratio that reflects short-term debt paying abily, this is consistent wh the front assumption. From the front descriptive statics analysis, we know that the mean value of current liabilies is up to times of the long term liabilies. It fully explained that SMEs in china mainly choose short-term debt financing, certainly will need a lot of current assets to pay for interest and principal. So current ratio directly affects SMEs financing risk whether they could meet a lot of liquidy spending for short-term debt. SMEs financial risk has a significant negative correlation wh prof abily (net prof rate) in china. This conclusion is also consistent wh what we get front. All the funds of the enterprise need to get complement and expand through earnings, no matter is used to cover losses, or expand enterprise production scale or repay the debts. If an enterprise has no prof for long term, will face the repayment pressure of maturing debt, damage enterprises reputation, and also can not continue financing. Eventually,the enterprises will fall into financial risk inevably. The higher return on investment and the better profabily of the enterprise are, the less occurrence of the financial risk will be. SMEs financial risk has a significant negative correlation wh the capal structure in china. In this paper, we selected two indexs to react capal structure: net assets ratio and fixed assets ratio, which all have good linear correlation wh financial risk. Also can be understood easily from the realy that net assets is low in the total assets, then the size of debt is high.as a result, more principal and interest is due to repay. It will cause certain pressure for the enterprises capal flow, at the same time might affect other production activies. Especially when enterprises was under the circumstance of not-good management, s very easy to make enterprises sink into financial risk, even insolvent. Fixed assets is the foundation of enterprise deeper development, at the same time, s also the guarantee for debt financing of SMEs, such as mortgage financing, secured financing etc. In some extend, the size of fixed assets ratio of SMES indirectly react the size of continuing financing, especially when financial suation is not good. So fixed assets ratio of enterprise are crucial whether the enterprise can continue to finance or not. SMEs financial risk has no obvious linear correlation wh debt structure in china. this isn t consistent wh our front hypothesis. Seeing from the result of descriptive statistics, SMEs debt structure do exist imbalance status, current liabilies is major in total liabilies, and long-term debt ratio is very low. As what is analysed in this paper, this indicator didn't show a good significant. The reason may be due to s scale and other restriction reasons. SMEs mainly depend short-term debt financing, at the same time, s Current asset is good fluidy that can well ease payment pressure brought by short-term debt, thereby reducing the incidence of financial risk As interaction, debt structure does not become the main factor that influence the financial risk in the sample regression analysis. 385
7 SMEs financial risk has no significant linear correlation wh management abily in china. It is different from many other scholars' opinion, also different wh the foregoing hypothesis. Here we can only explain that the indexs we selected don't show obvious linear correlation to FR. Reasons might be on the selection of index, there are many indexes can be used to measure financial risk. Especially to SMEs financial risk research, more factors should be considered, s easy to out of control. Only by a few index, is often difficult to comprehensive and accurately reflect the relationship between them. 386
8 References Andes BarbroMiguel J Bagajewicz. (2004).Managing Finacial Risk in Planning under UncertaintyAIChE Journal,50, Mao Xinshu, & Yang Youhong.(2009).Account Research Study. Internal Control and Risk Management Journal, No.5, Wang Jining, & Chen Zhichao.(2010). Financing Constraints, Financial Risk and Empirical Study on the Growth of SMEs. Seeker Journal, No.9, Zhu Xiping, & Wang Chun.(2004). Exploration of Financial Risk Measurement Methods. Monthly Finance and Accounting,No.8, Hu Meihui.(2007). Exploration of Company's Financial Risk Warning Model - Example for Small and Medium Enterprises in Central Region of Taiwan. Whe Paper on SMEs, Taiwan. Liao Tingwei.(2006). Study of SME Cred Risk Models of Taiwan. Master's Thesis of International Trade Department, Soochow Universy, Taiwan. Cao Defang, & Zen Muli.(2005). An Empirical Analysis of Factors Influencing Financial Risk of Listed Companies in China. Technoeconomics & Management Research, No.6, Zhou Chunsheng, & Zhao Duanduan.(2006). Empirical Research on Financial Risks of China's Private Enterprises. Soft Science of China. 387
An Empirical Study of Association between Working Capital Management and Performance: Evidence from Tehran Stock Exchange
Journal of Social and Development Sciences Vol. 3, No. 8, pp. 279-285, Aug 2012 (ISSN 2221-1152) An Empirical Study of Association between Working Capal Management and Performance: Evidence from Tehran
More informationAccounting Information and Stock Price Reaction of Listed Companies Empirical Evidence from 60 Listed Companies in Shanghai Stock Exchange
Journal of Business & Management Volume 2, Issue 2 (2013), 11-21 ISSN 2291-1995 E-ISSN 2291-2002 Published by Science and Education Centre of North America Accounting Information and Stock Price Reaction
More informationEmpirical Analysis on the impact of working capital management. Hong ming, Chen & Sha Liu
Empirical Analysis on the impact of working capital management Hong ming, Chen & Sha Liu (School Of Economics and Management in Changsha University of Science and Technology Changsha, Hunan, China 410076)
More informationThe Relationship between Working Capital Management and Profitability: A Case Study of Cement Industry in Pakistan
ISSN 2039-2117 Mederranean Journal of Social Sciences Vol.2, No.2, May 2011 The Relationship between Working Capal Management and Profabily: A Case Study of Cement Industry in Pakistan Ikram ul Haq Muhammad
More informationStudying the Relationship between Financial Variables and Securities Risk
Studying the Relationship between Financial Variables and Securies Risk Behnam Gilaninia 1, Shahram Gilaninia 2, & *Asghar Asadi 3 1 Department of accounting, Science and Research Branch, Islamic Azad
More informationwww.engineerspress.com Investigating Effective Factors on Relevancy of Net Income
www.engineerspress.com ISSN: 2307-3071 Year: 2013 Volume: 01 Issue: 13 Pages: 13-22 Investigating Effective Factors on Relevancy of Net Income Ghodratollah Barzegar 1, Aliakbar Ramezani 2, Saeed Valinataj
More informationJ. Life Sci. Biomed. 5(1): 21-25, 2015. 2015, Scienceline Publication ISSN 2251-9939
ORIGINAL ARTICLE PII: S225199391500005-5 Received 25 Nov. 2014 Accepted 09 Dec. 2014 JLSB Journal of J. Life Sci. Biomed. 5(1): 21-25, 2015 2015, Scienceline Publication Life Science and Biomedicine ISSN
More informationTHE EFFECT OF WORKING CAPITAL PRACTICES ON RISK MANAGEMENT: EVIDENCE FROM JORDAN Faris Nasif ALShubiri, Amman Arab University for Graduate Studies
GLOBAL JOURNAL OF BUSINESS RESEARCH VOLUME 5 NUMBER 0 THE EFFECT OF WORKING CAPITAL PRACTICES ON RISK MANAGEMENT: EVIDENCE FROM JORDAN Faris Nasif ALShubiri, Amman Arab Universy for Graduate Studies ABSTRACT
More informationA Study on the Effect of Working Capital Management on the Profitability of Listed Companies in Tehran Stock Exchange
2013, World of Researches Publication Ac. J. Acco. Eco. Res. Vol. 2, Issue 4, 121-130, 2013 Academic Journal of Accounting and Economic Researches www.worldofresearches.com A Study on the Effect of Working
More informationAdvances in Environmental Biology, 7(10) October 2013, Pages: 3099-3115. Journal home page: http://www.aensiweb.com/aeb.html
AENSI Journals Advances in Environmental Biology Journal home page: http://www.aensiweb.com/aeb.html The Investigationofthe Relationship between Cash Holding and Working Capal wh Abnormal Stock Return
More informationE-Business Analysis Of Poland, Czech Republic And Slovakia
THREAT OF INSOLVENCY OF PRIVATE SECTOR COMPANIES ON THE EXAMPLE OF POLAND, CZECH REPUBLIC AND SLOVAKIA Dr hab. Justyna Franc-Dąbrowska, Warsaw Universy of Life Science Email: justyna_franc_dabrowska@sggw.pl
More informationWorking Capital Management and Profitability: The Case of Industrial Firms in Jordan
European Journal of Economics, Finance and Administrative Sciences ISSN 1450-2275 Issue 36 (2011) EuroJournals, Inc. 2011 http://www.eurojournals.com Working Capal Management and Profabily: The Case of
More informationThe Effect of Capital Structure on the Financial Performance of Small and Medium Enterprises in Thika Sub-County, Kenya
International Journal of Humanities and Social Science Vol. 5, No. 1; January 2015 The Effect of Capital Structure on the Financial Performance of Small and Medium Enterprises in Thika Sub-County, Kenya
More informationLoan policy and bank performance: evidence from Taiwan
Hsien-Chang Kuo (Taiwan), Lie-Huey Wang (Taiwan), Yi-Hsun Lai (Taiwan), Shuhui Yu (Taiwan), Chinfu Wu (Taiwan) Loan policy and bank performance: evidence from Taiwan Abstract This study aims to investigate
More informationManipulation of profit figures associated with the bankruptcy of companies listed in Tehran Stock Exchange
International Research Journal of pplied and Basic Sciences 2013 vailable online at www.irjabs.com ISSN 2251-838X / Vol, 6 (12): 1829-1835 Science Explorer Publications Manipulation of prof figures associated
More informationRelationship between Efficiency Level of Working Capital Management and Return on Total Assets in Ise
International Journal of Business and Management October, Relationship between Efficiency Level of Working Capal Management and Return on Total Assets in Ise Mehmet EN Akdeniz Universy, Faculty of Economics
More informationThe Economic Impact of Small Business Credit Guarantee
June 2006 TDRI Quarterly Review 17 The Economic Impact of Small Business Cred Guarantee Chaiyas Anuchworawong Thida Intarachote Pakorn Vichyanond* 1. INTRODUCTION After the 1997 financial crisis, the Thai
More informationEffective Working Capital Management Affects Profitability: Evidence from Asia
Effective Working Capital Management Affects Profitability: Evidence from Asia Hyder Ali Khawaja, Niaz Ahmed Bhutto 2, Falahuddin Butt 3 & Ghulam Abbas 4 Abstract The purpose of this study is to investigate
More informationStudy on The Influence Factor of Cash Dividend Distribution in Listed
Study on The Influence Factor of Cash Dividend Distribution in Listed Companies 1 Wu He, 2 Ping Liu 1, Management Department Ningbo Institute of Technology Zhejiang University Ningbo, China, hewucpa@163.com
More informationEffects of Working Capital Management on Firm Performance: An Empirical Study of Non-financial listed Firms in Pakistan
Effects of Working Capal Management on Firm Performance: An Empirical Study of Non-financial listed Firms in Pakistan Naeem Ul Hassan Lahore Leads Universy, Lahore, Pakistan Corresponding email: naeemsehar@gmail.com
More informationWHEN DO COMPANIES FUND THEIR DEFINED BENEFIT PENSION PLANS? Denise A. Jones, College of William & Mary
ACCOUNTING & TAXATION Volume 6 Number 1 2014 WHEN DO COMPANIES FUND THEIR DEFINED BENEFIT PENSION PLANS? Denise A. Jones, College of William & Mary ABSTRACT This paper extends the accounting academic lerature
More informationTHE RELATIONSHIP BETWEEN WORKING CAPITAL MANAGEMENT AND DIVIDEND PAYOUT RATIO OF FIRMS LISTED IN NAIROBI SECURITIES EXCHANGE
International Journal of Economics, Commerce and Management United Kingdom Vol. III, Issue 11, November 2015 http://ijecm.co.uk/ ISSN 2348 0386 THE RELATIONSHIP BETWEEN WORKING CAPITAL MANAGEMENT AND DIVIDEND
More informationLoan quality determinants: evaluating the contribution of bank-specific variables, macroeconomic factors and firm level information
Graduate Instute of International and Development Studies Working Paper No: 04/2014 Loan qualy determinants: evaluating the contribution of bank-specific variables, macroeconomic factors and firm level
More informationEconomics and Finance Review Vol. 1(3) pp. 30 40, May, 2011 ISSN: 2047-0401 Available online at http://wwww.businessjournalz.
ABSTRACT FACTORS THAT INFLUENCE WORKING CAPITAL REQUIREMENTS IN CANADA Amarjit Gill Professor of Business Administration College of Business Administration, Trident University International, 5665 Plaza
More informationAn empirical study on the profitability and its influencing factors of the pharmaceutical industry
Available online www.jocpr.com Journal of Chemical and Pharmaceutical Research, 2014, 6(6):1191-1195 Research Article ISSN : 0975-7384 CODEN(USA) : JCPRC5 An empirical study on the profitability and its
More information1 http://www.fasb.org/summary/stsum86.shtml
1. Introduction The value of intangibles has lately been the subject of much attention, both in practice and in academic research. There have been a wide range of studies regarding different types of intangibles
More informationThe Relationship Between Debt Financing and Market Value of Company: Empirical Study of Listed Real Estate Company of China
Proceedings of the 7th International Conference on Innovation & Management 2043 The Relationship Between Debt Financing and Market Value of Company: Empirical Study of Listed Real Estate Company of China
More informationThe relationship between capital structure and firm performance. 3-Hamid Reza Ranjbar Jamal Abadi, Master of Accounting, Science and
The relationship between capital structure and firm performance 1-Abolfazl Mahmoudi,Master of Accounting(Corresponding Author) 2-Ali Reza Yazdani,Master of student, accounting, Science and ResearchCenter,
More informationAssociation between Working Capital Management Strategies and Profitability
Association between Working Capital Management Strategies and Profitability Sana N. Maswadeh Associate Professor, Department of Accounting, Jadara University Email: Sanaam@jadara.edu.jo Accepted: January
More informationHow To Study The Effect Of Financing Factors On Investment Behavior Of A Chinese Cultural Industry Listed Company
Available online www.jocpr.com Journal of Chemical and Pharmaceutical Research, 2014, 6(6):2012-2019 Research Article ISSN : 0975-7384 CODEN(USA) : JCPRC5 Effects of financing factors on investment behavior
More informationImpact of Working Capital Management on Profitability of Micro and Small Enterprises in Ethiopia: The Case of Bahir Dar City Administration
International Journal of Accounting and Taxation, Vol. 1 No. 1, December 2013 15 Impact of Working Capital Management on Profitability of Micro and Small Enterprises in Ethiopia: The Case of Bahir Dar
More informationTAM Analysis of College Students Online Banking Brand Selection Factors
ISSN(Print): 2377-0082 ISSN(Online): 2377-0163 EQUILIBRIUM, CHAOS, AND CONERGENCE IN DYNAMICAL NETWORK In Press TAM Analysis of College Students Online Banking Brand Selection Factors Jing Xu*, Xue Liu,
More informationwww.engineerspress.com The Study of Factors Affecting Working Capital of Pharmaceutical Companies Accepted in Tehran Stock Exchange
www.engineerspress.com ISSN: 2307-3071 Year: 2013 Volume: 01 Issue: 14 Pages: 66-77 The Study of Factors Affecting Working Capital of Pharmaceutical Companies Accepted in Tehran Stock Exchange ABSTRACT
More informationABOUT FINANCIAL RATIO ANALYSIS
ABOUT FINANCIAL RATIO ANALYSIS Over the years, a great many financial analysis techniques have developed. They illustrate the relationship between values drawn from the balance sheet and income statement
More informationThe Relationship Between Working Capital Management And Profitability: Evidence From The United States
1 The Relationship Between Working Capital Management And Profitability: Evidence From The United States *Amarjit Gill 1, Nahum Biger 2, Neil Mathur 3 1 College of Business Administration, TUI University,
More informationAn empirical study of factor analysis on M & A performance of listed companies of Chinese pharmaceutical industry
Available online www.jocpr.com Journal of Chemical and Pharmaceutical Research, 2014, 6(4):963-968 Research Article ISSN : 0975-7384 CODEN(USA) : JCPRC5 An empirical study of factor analysis on M & A performance
More informationImpact of Working Capital Management on the Performance of the Firms Listed on the Tehran Stock Exchange
Vol. 3, No.3, July 2013, pp. 352 364 ISSN: 2225-8329 2013 HRMARS www.hrmars.com Impact of Working Capital Management on the Performance of the Firms Listed on the Tehran Stock Exchange Mehdi Rezaie AHMADABADI
More informationCredit Risk Assessment of POS-Loans in the Big Data Era
Credit Risk Assessment of POS-Loans in the Big Data Era Yiyang Bian 1,2, Shaokun Fan 1, Ryan Liying Ye 1, J. Leon Zhao 1 1 Department of Information Systems, City University of Hong Kong 2 School of Management,
More informationAccess to compulsory education by rural migrants' children in urban China: A case study from nine cities
Access to compulsory education by rural migrants' children in urban China: A case study from nine cities Guibao Chen, Ph.D. Research Center for Education Policy, China National Institute for Education
More informationOrganizational Factors Affecting E-commerce Adoption in Small and Medium-sized Enterprises
Tropical Agricultural Research Vol. 22 (2): 204-210 (2011) Short communication Organizational Factors Affecting E-commerce Adoption in Small and Medium-sized Enterprises R.P.I.R. Senarathna and H.V.A.
More informationParadigms Volume 6, Issue No. 1, 2012
Paradigms: A Research Journal of Commerce, Economics and Social Sciences ISSN 1996-2800, 2012, Vol. 6, No. 1, pp. 100114-. Copyright 2012 Faculty of Commerce, University of Central Punjab All rights reserved.
More informationDoes Corporate Governance Reduce the Overinvestment of Free Cash Flow? Empirical Evidence from China
Journal of Finance and Investment Analysis, vol. 2, no.3, 2013, 97-126 ISSN: 2241-0998 (print version), 2241-0996(online) Scienpress Ltd, 2013 Does Corporate Governance Reduce the Overinvestment of Free
More informationHow the small and medium-sized enterprises owners credit features affect the enterprises credit default behavior?
E3 Journal of Business Management and Economics Vol. 3(2). pp. 090-095, February, 2012 Available online http://www.e3journals.org/jbme ISSN 2141-7482 E3 Journals 2012 Short communication How the small
More informationCredit risk management of commercial bank
Available online www.jocpr.com Journal of Chemical and Pharmaceutical Research, 2014, 6(5):1784-1788 Research Article ISSN : 0975-7384 CODEN(USA) : JCPRC5 Credit risk management of commercial bank Qian
More informationCharacterizing Solvency for the Chinese Life Insurance Company: A Factor Analysis Approach
DC-level essay in Statistics, Fall 2006 Department of Economics and Society, Dalarna University Characterizing Solvency for the Chinese Life Insurance Company: A Factor Analysis Approach Written by: Juan
More informationMichael C S Wong 2014 2
Michael C S Wong 2014 Michael C S Wong 2014 2 Analyzing corporate credit risk: The myths in China Dr. Michael C S Wong Associate Professor, College of Business, City University of Hong Kong Chairman, CTRisks
More informationU.P.B. Sci. Bull., Series C, Vol. 77, Iss. 1, 2015 ISSN 2286 3540
U.P.B. Sci. Bull., Series C, Vol. 77, Iss. 1, 2015 ISSN 2286 3540 ENTERPRISE FINANCIAL DISTRESS PREDICTION BASED ON BACKWARD PROPAGATION NEURAL NETWORK: AN EMPIRICAL STUDY ON THE CHINESE LISTED EQUIPMENT
More informationDING Zhao FEBRUARY 2014 VOL 5, NO 10. Master degree candidate, College of Economic & Management, Sichuan Agricultural University.
Analysis of relationship between rural energy consumption of biomass resources and income alteration of farmers DING Zhao Master degree candidate, College of Economic & Management, Sichuan Agricultural
More informationGrowth Dynamics of Dairy Processing Firms in the European Union
Growth Dynamics of Dairy Processing Firms in the European Union Cornelis Gardebroek 1, Kedir N. Turi 1 and Jo H.M. Wijnands 2 1 Agricultural Economics and Rural Policy group 2 Business Economics group
More informationHow To Find Out What Determines Surrender Rate In Tainainese Life Insurance
Empirical Analysis of Surrender in the Taiwan Life Insurance Companies Yawen Hwang, Associate Professor Dept. of Risk Management and Insurance, Feng Chia University, Taiwan Email: ywhwang@fcu.edu.tw Peiying
More informationInfluence of Aggressivenessand Conservativenessin Investing and Financing Policies on Performance of Industrial Firms in Kenya
IOSR Journal of Economics and Finance (IOSR-JEF) e-issn: 2321-5933, p-issn: 2321-5925.Volume 2, Issue 5 (Jan. 2014), PP 27-32 Influence of Aggressivenessand Conservativenessin Investing and Financing Policies
More informationA study of economic index effects on return on equity in iranian companies
International Research Journal of Applied and Basic Sciences. Vol., 3 (8), 1691-1696, 2012 Available online at http:// www. irjabs.com ISSN 2251-838X 2012 A study of economic index effects on return on
More informationAsian Economic and Financial Review AN EXAMINATION OF THE FACTORS THAT DETERMINE THE PROFITABILITY OF THE NIGERIAN BEER BREWERY FIRMS
Asian Economic and Financial Review journal homepage:http://aessweb.com/journal-detail.php?id=5002 AN EXAMINATION OF THE FACTORS THAT DETERMINE THE PROFITABILITY OF THE NIGERIAN BEER BREWERY FIRMS Okwo
More informationRunning Head: HUMAN RESOURCE PRACTICES AND ENTERPRISE PERFORMANCE. Pakistan. Muzaffar Asad. Syed Hussain Haider. Muhammad Bilal Akhtar
Running Head: HUMAN RESOURCE PRACTICES AND ENTERPRISE PERFORMANCE Human Resource Practices and Enterprise Performance in Small and Medium Enterprises of Pakistan Muzaffar Asad Syed Hussain Haider Muhammad
More informationThe Relationship between Working Capital Management and Profitability: Evidence from Saudi Cement Companies
The Relationship between Working Capital Management and Profitability: Evidence from Saudi Cement Companies Prof. Ahmad Aref Almazari Associate Professor Department of Administrative Sciences, Finance
More informationBoosting SMEs with Better and Innovative Financing Services
ISSN 1816-6075 (Print), 1818-0523 (Online) Journal of System and Management Sciences Vol. 4 (2014) No. 2 Boosting SMEs with Better and Innovative Financing Services Wei Liu 1 1 Department of Integrated
More informationWorking Capital Management and Corporate Profitability: Evidence from Iran
World Applied Sciences Journal 12 (7): 1093-1099, 2011 ISSN 1818-4952 IDOSI Publications, 2011 Working Capital Management and Corporate Profitability: Evidence from Iran Mohammad Alipour Islamic Azad University,
More informationIntroduction. Research Problem. Larojan Chandrasegaran (1), Janaki Samuel Thevaruban (2)
Larojan Chandrasegaran (1), Janaki Samuel Thevaruban (2) Determining Factors on Applicability of the Computerized Accounting System in Financial Institutions in Sri Lanka (1) Department of Finance and
More informationFactoring: A n Effective Financing Option to SMEs in China
Factoring: A n Effective Financing Option to SMEs in China FENG Yue Economics and Management Department, Nanjing Institute of Technology, P.R.China, 211167 fengyue@njit.edu.cn Abstract: Factoring is a
More informationWILL CHINA S LOCAL DEBT CRISIS BREAK OUT? EVIDENCE FROM LOCAL GOVERNMENT FINANCING PRACTICE
WILL CHINA S LOCAL DEBT CRISIS BREAK OUT? EVIDENCE FROM LOCAL GOVERNMENT FINANCING PRACTICE Ling Jiang & Yuwei Xu School of Economics, Southwest University of Finance & Economics. No.555, Liutai Avenue,
More informationijcrb.com INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS OCTOBER 2014 VOL 6, NO 6
T h e r e l a t i o n s h i p b e t w e e n m e a s u r e s o f c o r p o r a t e g o v e r n a n c e a n d b a n k l o a n s as c a p i t a l s t r u c t u r e 1 - G h a s e m R a y a t i S h a v a z
More informationUnivariate Regression
Univariate Regression Correlation and Regression The regression line summarizes the linear relationship between 2 variables Correlation coefficient, r, measures strength of relationship: the closer r is
More informationBANKRUPTCY AND THE ALTMAN MODELS. CASE OF ALBANIA
BANKRUPTCY AND THE ALTMAN MODELS. CASE OF ALBANIA Eni Numani Department of Finance, Faculty of Economy, University of Tirana, Tirana, Albania eninumani@feut.edu.al Abstract: This paper examines the univariate
More informationTHE EFFECT OF LONG TERM LOAN ON FIRM PERFORMANCE IN KENYA: A SURVEY OF SELECTED SUGAR MANUFACTURING FIRMS
THE EFFECT OF LONG TERM LOAN ON FIRM PERFORMANCE IN KENYA: A SURVEY OF SELECTED SUGAR MANUFACTURING FIRMS Isabwa Kajirwa Harwood Department of Business Management, School of Business and Management sciences,
More informationCredit Analysis 10-1
Credit Analysis 10-1 10-2 Liquidity and Working Capital Basics Liquidity - Ability to convert assets into cash or to obtain cash to meet short-term obligations. Short-term - Conventionally viewed as a
More informationCROSS-COUNTRY HETEROGENEITY IN MFI INTEREST RATES ON LOANS TO NON-FINANCIAL CORPORATIONS IN THE EURO AREA
Box 2 CROSS-COUNTRY HETEROGENEITY IN MFI INTEREST RATES ON LOANS TO NON-FINANCIAL CORPORATIONS IN THE EURO AREA The dynamics of bank lending rates on loans to non- corporations (NFCs) have been highly
More informationThe Relationship Between Working Capital Management and Profitability of Companies Listed on the Johannesburg Stock Exchange
Journal of Modern Accounting and Auditing, ISSN 1548-6583 August 212, Vol. 8, No. 8, 124-1213 D DAVID PUBLISHING The Relationship Between Working Capital Management and Profitability of Companies Listed
More informationBANK LENDING SURVEY JULY
BANK LENDING SURVEY JULY Financial Stability Department Monetary and Statistics Department Monetary Policy and Fiscal Analyses Division 12 JULY 12 1 I. INTRODUCTION AND SUMMARY The new quarterly CNB survey
More informationThe Effects of Credit Derivatives on U.S. Bank Risk and Return, Capital and Lending Structure
The Effects of Cred Derivatives on U.S. Bank Risk and Return, Capal and Lending Structure Yingying Shao* Department of Finance Sam M. Walton College of Business yshao@walton.uark.edu 479-575-3924 Timothy
More informationThe Impacts of Enterprise Resource Planning Systems on Firm Performance: An Empirical Analysis of Chinese Chemical Firms
The Impacts of Enterprise Resource Planning Systems on Firm Performance: An Empirical Analysis of Chinese Chemical Firms Lu Liu, Rui Miao and Chengzhi Li School of Economics and Management, Beihang Universy,
More informationThe Determinants and the Value of Cash Holdings: Evidence. from French firms
The Determinants and the Value of Cash Holdings: Evidence from French firms Khaoula SADDOUR Cahier de recherche n 2006-6 Abstract: This paper investigates the determinants of the cash holdings of French
More informationThe Determinants of Capital Structure: An empirical Analysis of Listed Manufacturing Companies in Colombo Stock Exchange Market in SriLanka
The Determinants of Capital Structure: An empirical Analysis of Listed Manufacturing Companies in Colombo Stock Exchange Market in SriLanka B.Prahalathan Dept. of Commerce & Financial Management Faculty
More informationResearch on small and medium enterprises financing mode based on supply chain finance
Available online www.jocpr.com Journal of Chemical and Pharmaceutical Research, 0, ():88-8 Research Article ISSN : 09-8 CODEN(USA) : JCPRC Research on small and medium enterprises financing mode based
More informationRecent evidence on concentration and competition in Turkish banking sector
Theoretical and Applied Economics Volume XIX (2012), No. 8(573), pp. 19-28 Recent evidence on concentration and competion in Turkish banking sector Fatih MACIT Suleyman Sah Universy, Istambul, Turkey fmac@ssu.edu.tr
More informationIMPACT OF WORKING CAPITAL MANAGEMENT ON PROFITABILITY
IMPACT OF WORKING CAPITAL MANAGEMENT ON PROFITABILITY Hina Agha, Mba, Mphil Bahria University Karachi Campus, Pakistan Abstract The main purpose of this study is to empirically test the impact of working
More informationAn Investigation into the relationship between working capital management and stock price. (Evidence of tehran stock exchange)
www.ijrls.pharmascope.org An Investigation into the relationship between working capital management and stock price (Evidence of tehran stock exchange) Mohammad Ali Karchani* 1, Ibrahim Givaki 2 ISSN 2231-2935
More informationEffects of Working Capital Management on the Profitability of Thai Listed Firms
Effects of Working Capital Management on the Profitability of Thai Listed Firms Kulkanya Napompech Abstract Working capital is needed for day-to-day operations of a firm. The primary purpose of this research
More informationTHE IMPACT OF DEBT FINANCING ON PRODUCTIVITY OF SMALL AND MEDIUM SCALE ENTERPRISES (SMEs): A CASE STUDY OF SMEs IN MASVINGO URBAN.
Research article THE IMPACT OF DEBT FINANCING ON PRODUCTIVITY OF SMALL AND MEDIUM SCALE ENTERPRISES (SMEs): A CASE STUDY OF SMEs IN MASVINGO URBAN. Hlupeko Dube Cell number +263774178834 Lecturer: Great
More informationInvestment-cash Flow Sensitivities: Constrained versus Unconstrained Firms
Investment-cash Flow Sensivies: Constrained versus Unconstrained Firms Nathalie Moyen Moyen is from the Leeds School of Business at the Universy of Colorado. I would like to thank Martin Boileau, Murillo
More informationOnline Marketing Strategy for Agricultural Supply Chain and Regional Economic Growth based on E-commerce Perspective
, pp.323-332 http://dx.doi.org/10.14257/ijsia.2015.9.10.29 Online Marketing Strategy for Agricultural Supply Chain and Regional Economic Growth based on E-commerce Perspective Hui Yang and Yajuan Zhang*
More informationEmpirical Research on the Influence Factors of E-commerce Development in China
Send Orders for Reprints to reprints@benthamscience.ae 76 The Open Cybernetics & Systemics Journal, 2015, 9, 76-82 Open Access Empirical Research on the Influence Factors of E-commerce Development in China
More informationStudents' Opinion about Universities: The Faculty of Economics and Political Science (Case Study)
Cairo University Faculty of Economics and Political Science Statistics Department English Section Students' Opinion about Universities: The Faculty of Economics and Political Science (Case Study) Prepared
More informationThe Study of Working Capital Strategies in Life Cycle of Companies
2013, World of Researches Publication Ac. J. Acco. Eco. Res. Vol. 2, Issue 4, 77-88, 2013 Academic Journal of Accounting and Economic Researches www.worldofresearches.com The Study of Working Capital Strategies
More informationEvaluation of pricing strategies for life insurance with focus on bank interest rate changes
Mohammad Saleh Torkestani (Iran), Elham Jamshidi Borujerdi (Iran) Evaluation of pricing strategies for life insurance with focus on bank interest rate changes Abstract From the 1980s, insurance activities
More informationAccounting Conservatism, the Quality of Earnings, and Stock Returns
Accounting Conservatism, the Qualy of Earnings, and Stock Returns Stephen H. Penman Graduate School of Business Columbia Universy and Xiao-Jun Zhang Haas School of Business Universy of California, Berkeley
More informationAn Empirical Study on the Influence of Perceived Credibility of Online Consumer Reviews
An Empirical Study on the Influence of Perceived Credibility of Online Consumer Reviews GUO Guoqing 1, CHEN Kai 2, HE Fei 3 1. School of Business, Renmin University of China, 100872 2. School of Economics
More informationHow To Calculate Financial Leverage Ratio
What Do Short-Term Liquidity Ratios Measure? What Is Working Capital? HOCK international - 2004 1 HOCK international - 2004 2 How Is the Current Ratio Calculated? How Is the Quick Ratio Calculated? HOCK
More informationInformation System and Firms Performance: The Case of Malaysian Small Medium Enterprises
Information System and Firms Performance: The Case of Malaysian Small Medium Enterprises Saira Kharuddin (Corresponding author) Dept. of Accounting and Finance, Faculty of Economics and Management, Universi
More informationAnalysis on demand factor of regional difference for reverse mortgage-based on survey data in Beijing & Hangzhou
Available online www.jocpr.com Journal of Chemical and Pharmaceutical Research, 2014, 6(5):232-238 Research Article ISSN : 0975-7384 CODEN(USA) : JCPRC5 Analysis on demand factor of regional difference
More informationThe relationship of cash flow prediction and accruals on the return of book value to market value in food industry listed in Tehran Stock Exchange
Journal of Scientific Research and Development 2 (6): 27-31, 2015 Available online at www.jsrad.org ISSN 1115-7569 2015 JSRAD The relationship of cash flow prediction and accruals on the return of book
More informationFinancial Terms & Calculations
Financial Terms & Calculations So much about business and its management requires knowledge and information as to financial measurements. Unfortunately these key terms and ratios are often misunderstood
More informationSTATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS
C H A P T E R 1 0 STATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS I N T R O D U C T I O N Historically, profit-oriented businesses have used the accrual basis of accounting in which the income statement,
More informationAsian Journal of Business and Management Sciences ISSN: 2047-2528 Vol. 2 No. 2 [51-63]
DETERMINANTS OF CAPITAL STRUCTURE: (A Case Study of Machinery & Equipment Sector of Islamic Republic of Iran) Dr. Abdolmahdi Ansari Faculty of administrative Sciences and Economics, Department of Accounting,
More informationLina Warrad. Applied Science University, Amman, Jordan
Journal of Modern Accounting and Auditing, March 2015, Vol. 11, No. 3, 168-174 doi: 10.17265/1548-6583/2015.03.006 D DAVID PUBLISHING The Effect of Net Working Capital on Jordanian Industrial and Energy
More informationCorporate Governance and Operating Performance of Chinese Listed Firms
Corporate Governance and Operating Performance of Chinese Listed Firms By Heibatollah Sami Department of Accounting College of Business and Economics Lehigh University E-mail: hes205@lehigh.edu Justin
More informationEFFECTS OF CAPITAL STRUCTURE ON FINANCIAL PERFORMANCE OF FIRMS IN KENYA: EVIDENCE FROM FIRMS LISTED AT THE NAIROBI SECURITIES EXCHANGE
International Journal of Economics, Commerce and Management United Kingdom Vol. III, Issue 4, April 2015 http://ijecm.co.uk/ ISSN 2348 0386 EFFECTS OF CAPITAL STRUCTURE ON FINANCIAL PERFORMANCE OF FIRMS
More informationpractical problems. life) property) 11) Health Care Insurance. 12) Medical care insurance.
Training Courses Busisness Soluation For The Insurance Services Industry First: Professional Insurance Programs 1) Fundamental of Risk &Insurance. 2) Individual life Insurance Policies. 3) Group life Insurance
More informationA STUDY ON THE RETURN ON EQUITY FOR THE ROMANIAN INDUSTRIAL COMPANIES
A STUDY ON THE RETURN ON EQUITY FOR THE ROMANIAN INDUSTRIAL COMPANIES Lect. Daniel Cîrciumaru Ph. D University of Craiova Faculty of Economics and Business Administration Craiova, Romania Prof. Marian
More informationA GA based Forecasting Model Focused on Contextual Factors
A GA based Forecasting Model Focused on Contextual Factors Chin-Lien Wang 1,2, Li-Chih Wang 1, 1 Department of Industrial Engineering and Enterprise information, Tunghai Universy, 181 Section 3, Taichung
More informationAn Empirical Study of Influential Factors of Debt Financing
ISSN 1479-3889 (print), 1479-3897 (online) International Journal of Nonlinear Science Vol.3(2007) No.3,pp.208-212 An Empirical Study of Influential Factors of Debt Financing Jing Wu School of Management,
More information