摘要
河南省上市企业现有债务规模较大,但不同行业、不同性质的企业所面临的债务约束环境各不相同。将河南省沪深A股78家上市企业分为央企上市企业、地方国有上市企业、民营上市企业3类,考虑其行业结构与企业特征选择相应的样本公司,利用公开的财务信息和资本运作动态,梳理其债务特征及潜在风险、分析债务风险成因,运用Z-Score模型对其债务风险的Z值及其变动进行综合评估。研究结果表明:地方国有上市企业债务风险压力最高,央企上市企业债务风险程度次之,民营上市企业债务风险相对较轻,但债务风险压力上升较快。因此,债务风险管控应分而治之。
The total amount of debt of listed enterprises in Henan Province has reached a high level, but the debt constraint environment faced by enterprises of different industries and different natures is different. In this paper, 78 listed enterprises in Shanghai and Shenzhen stock exchanges of Henan Province are divided into three categories, namely state-owned enterprises, local state-owned enterprises and private enterprises. By selecting the corresponding sample companies based on the industry structure and enterprises characteristics, using the public financial information and capital operation dynamics, sorting out the debt characteristics and potential risks in recent years, and analyzing the causes of debt risks, and finally using the Z-score model to comprehensively evaluate the Z value and variation of its debt risks, the results show that：The debt risk pressure of local state-owned enterprises is the highest, and the degree of debt risk of central enterprises is second, while that of private enterprises is relatively light, but its pressure has been increased rapidly. Accordingly, debt risk management and control should be divided.
作者
周辉
焦永香
ZHOU Hui;JIAO Yongxiang(ShengDa Economics,Trade ＆ Management College of ZZ,Zhengzhou 451191,China)
出处
《科技创业月刊》
2018年第7期40-44,共5页
Journal of Entrepreneurship in Science & Technology
基金
河南省人民政府招标研究课题"现阶段河南省上市企业债务风险测度与防控研究"(15B790011)
河南省区域经济学重点学科建设项目阶段性成果(教高[2017]765)
郑州地方高校技术技能名师工作室建设项目阶段性成果(郑教高[2017]97)
