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FIEM007.pdf

Article Title : An Empirical Study on Management Ability and Credit Risk Assessment based on Data of GEM Listed Companies
Author(s) : Mengying Zhang, Yuxuan Zhang
Corresponding Author : Mengying Zhang
Keywords : Gem; Management Ability; Credit Risk; Return on Assets; DEA Model; ZETA Model.
PDF : http://download.BCPub.org/proceedings/2020/FIEM2020/FIEM007.pdf
Abstract

Gem, also known as the second board market in China, has been running for more than 10 years since October 2009, especially after the 18th National Congress, in order to promote the healthy development of high-tech small and medium-sized enterprises, gem and the main board together become an important part of China's capital market. However, the research on the management ability of listed companies and their credit risk management has never stopped since the gem market was launched. Firstly, this paper introduces the background of this topic, the significance of research, the theoretical analysis of related concepts, and analyzes the relevant literature at home and abroad. Then the data of 385 listed companies based on gem measured the management ability of listed companies by using DEA model and Tobin regression model. Then we use the multiple linear regression method to analyze the change of the company's return on assets and its management ability, and explore its common characteristics and influencing factors. The ZETA model and Logit regression model are used to analyze the management ability of listed companies and their credit risk. The results show that for gem listed companies, their higher (lower) management ability is related to the volatility of lower (higher) future returns, and their management ability is negatively correlated with credit risk level. Finally, the relevant suggestions and improvement measures are put forward for the above research results. It is suggested that China's gem listed companies can strengthen their internal management ability according to various factors, reduce the credit risks faced in production and operation, to achieve the purpose of maximizing the interests of the company. Assistant gem market standard and orderly development.

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