摘要
文章证实了我国上市公司信用级别与以Z值多元判别模型算出的公司Z值具有较好的相关性,在此基础上,用Z值模型对我国上市公司进行信用评级,并研究发现我国上市公司资信品质的一些特点:整体资信品质良好,但波动性很大;资信品质在公司上市最初2年较稳定,此后将会大幅度下降;信用品质变化与公司行业风险联系紧密。
This paper testifies the preferable relativity between the credit rating of listed companies and z value calculated by z value discriminant analysis model by evidence test, based on which, we measure the credit rating of listed companies, and find some characters of credit quality of our listed companies: the whole credit quality is good, but it has high unsteadiness; credit quality is steady in the first two years when the company comes into the market, then decreases dramatically; the changes of credit quality have tight relation with industry risk.
出处
《财经研究》
CSSCI
北大核心
2004年第6期5-13,共9页
Journal of Finance and Economics
基金
国家自然科学基金资助项目(70172018)
关键词
Z值模型
上市公司
信用评级
资信品质
Z value model
listed company
credit rating
credit quality
