Las etapas del ciclo de vida de la empresa por los patrones del estado de flujo de efectivo y el riesgo de insolvencia empresarial

IF 0.1 Q4 BUSINESS, FINANCE
D. D. Terreno, Silvana Andrea Sattler, J. O. Pérez
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引用次数: 7

Abstract

Motivated by the importance of the risk of bankruptcy in capital structure decisions, this study aims to establish the insolvency risk firm in accordance to the life cycle stages and determine how the stages can explain the change insolvency´s risk. The population under study is companies listed on the Stock Exchange of Buenos Aires, in the period 2004 to 2012. The evidence shows linking life cycle stages with the insolvency´s risk. The firms in the stage maturity have lower risk, relative to the other stages. Moreover, the life cycle stages have a predictive capacity on changing the insolvency´s risk in the next year, the maturity stage has a positive effect and the decline stage a negative effect. The firms that are maintained in the mature stage have a greater opportunity to stay in this stage and firms in growth stages and shake-out have a greater possibility to enter the introduction and decline stages that in the maturity stage.
根据现金流量表的模式和企业破产风险对公司生命周期的各个阶段进行分类
由于破产风险在资本结构决策中的重要性,本研究旨在根据生命周期阶段建立破产风险公司,并确定阶段如何解释破产风险的变化。研究对象是2004年至2012年期间在布宜诺斯艾利斯证券交易所上市的公司。证据表明,生命周期阶段与破产风险之间存在联系。相对于其他阶段,处于成熟期的公司风险较低。此外,生命周期阶段对下一年的破产风险变化具有预测能力,成熟期阶段具有正向影响,衰退期阶段具有负向影响。处于成熟阶段的企业有更大的机会留在这一阶段,处于成长阶段和洗牌阶段的企业比处于成熟阶段的企业更有可能进入引入阶段和衰落阶段。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Contabilidad y Negocios
Contabilidad y Negocios BUSINESS, FINANCE-
自引率
0.00%
发文量
11
审稿时长
8 weeks
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