河南省上市企业杠杆率与债务风险关联分析——基于不同所有制企业的比较分析

Correlation Analysis of Leverage Ratio and Debt Risk of Listed Enterprises in Henan Province——Comparative Analysis Based on Different Ownership Enterprises

运用相关分析和回归分析法,考察河南省上市企业杠杆率与债务风险的关联特征,分析杠杆率、债务风险与Z-Score模型中财务指标的相关方向和程度.研究结果表明:加权总杠杆率每增加1个单位,河南省上市企业存在债务风险的概率上升0.5个百分点;不同所有制企业的杠杆率和债务风险成因并不完全相同,去杠杆防风险应分而治之:央企侧重补充资本、地方国企在于提高资产获利能力、民企着重增加收入.

Correlation analysis and regression analysis have been used in this paper to investigate the correlation between leverage and debt risk of listed enterprises in Henan Province,and to analyze the correlation between leverage and debt risk and the financial index in the Z-Score model.The study shows that the probability of debt risk of listed enterprises in Henan Province increased by 0.5 percentage points for each unit increase in the weighted total leverage ratio;the causes of leverage ratio and debt risk different ownership enterprises are not exactly the same,deleveraging and preventing risk should be divided and ruled,and central enterprises focus on supplementing capital,local state-owned enterprises focus on improving asset profitability,and private enterprises focus on increasing income.