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本文以2004-2008年深市273家中小上市公司为研究对象,利用上市公司年度报告披露的相关报表信息,运用非平衡面板数据模型对我国中小上市公司信用违约风险的影响因素进行了研究。研究结果表明,我国上市公司的第一股东控股集中度与信用违约风险存在正相关关系,流通股所占比例及企业成长性与信用违约风险也存在显著的负相关,高管学历对公司的信用违约风险也会产生一定的负向影响。
This paper takes 273 small and medium-sized listed companies in Shenzhen from 2004 to 2008 as the research object, and uses the non-equilibrium panel data model to study the influencing factors of the credit default risk of the listed Chinese small and medium-sized listed companies by using the relevant reporting information disclosed in the annual reports of the listed companies. The results show that there is a positive correlation between the concentration of the first controlling shareholder and the credit default risk of listed companies in our country. There is a significant negative correlation between the proportion of tradable shares and the growth of enterprises and the credit default risk. Default risk will also have some negative impact.