英文摘要 |
This paper primarily used statistical methods to establish logistic credit risk models in electronic companies, discussed the agency problem on whether management and ownership belong to the same person. That made it be possible to predict in advance the probability of electronic companies experiencing financial risk. In the empirical analysis, the author built up a credit risk model using financial ratios and agency problems as the explanatory variables and the logistic regression model as the statistical method. Finding, In the case where management and ownership are combined, there had no agency problems and increased the degrees of predictive accuracy, empirical results suggested that the key performance indicators are the solvency, the operating performances, the profitability, and the cash flow, it had also been found that increasing cash flow ratios that reducing minimize agency problem and credit risk of the company. As for the case where management and ownership are separated, empirical results suggested that the key performance indicators are the financial structure, the solvency, the operating performances, the profitability, and the cash flow. It had also been found that chief executive officer (CEO) reducing the cash flow reinvestment ratios, and enhance ratio of non-operating revenue and expenses could reducing credit risk. It had also been found that reducing the debt ratio can enhance the total assets turnover, the cash flow per share, and the gross margin of the company. Therefore, this paper may be useful for researchers and practitioners who are focusing on agency problems, financial information, and corporate performance implementation. |