上市民营企业财务困境影响因素及其组态

Influencing Factors and Configurations of Financial Distress in Listed Private Enterprises

识别影响上市民营企业财务困境关键因素,并剖析成因组态,为其摆脱财务困境提供理论参考。文章以2019—2021年沪深A股上市民营企业为研究对象,构建基于XGBoost算法的财务困境预测模型,从特征变量重要性角度识别影响企业财务困境关键因素,采用fsQCA方法对关键因素间联动交互效应进行组态分析。研究发现:上市民营企业财务困境是财务指标和治理结构因素共同影响的结果,且资产负债率、流动比率、资产报酬率等核心条件会存在并发性特征,上市民营企业在应对财务困境问题时应进行综合考虑。

The paper identifies the key factors affecting financial distress of listed private enterprises and analyzes its cause configurations so as to provide theoretical reference for them to get rid of the financial distress.This paper takes listed private enterprises in Shanghai and Shenzhen A-shares from 2019 to 2021 as research objects,constructs a finan⁃cial distress prediction model based on XGBoost algorithm,identifies the key factors affecting enterprises'financial dis⁃tress from the perspective of the importance of characteristic variables,and analyzes the configurations about the interac⁃tions of the linkage among key factors by the method of fsQCA.The research finds that the financial distress of listed pri⁃vate enterprises is mainly caused by financial indicators and the governance structure,and the core conditions of debt as⁃set ratio,current ratio,and return on assets have concurrent characteristics.Listed private enterprises should take compre⁃hensive consideration when dealing with the financial distress.