Estimation of Firms' Default Rates in terms of Intangible Assets
Estimation of Firms' Default Rates in terms of Intangible Assets
复制标题
以无形资产估算企业违约率
DOI：
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发表时间：
2014
期刊：
影响因子：
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通讯作者：
Shinichi Nishioka
中科院分区：
文献类型：
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作者：
Saiki Tsuchiya;Shinichi Nishioka
无形资产在企业经营管理中起着重要作用，但又难以客观评估，本文定量分析了无形资产对企业违约率的影响。我们使用无形资产，如企业的技术能力和高级管理人员的资格，这是每个企业的数字数据。其结果如下：（1）除财务数据外，无形资产对企业的违约率也具有统计解释力;（2）包含无形资产的模型比仅包含财务数据的模型在违约率的估计上具有更高的准确性，并且准确性的差异具有统计显著性;无形资产变动对企业违约率的影响与财务数据变动的影响具有可比性。根据我们的分析，考虑无形资产可能会有效地提高估计企业违约率的准确性。因此，在评估企业的信用风险时，重要的是加强无形资产的信息，以客观地评估这些资产。
This paper quantitatively analyzes how firms' default rates are affected by intangible assets, which play a crucial role in business management but are difficult to assess objectively. We use intangible assets such as firms' technological capability and the qualifications of senior management, for which numerical data from each firm are available. The results are as follows: (1) intangible assets have statistical explanatory power for firms' default rates in addition to financial data; (2) a model that incorporates intangible assets has greater accuracy in estimating default rates than one that incorporates only financial data, and the difference in the accuracy is statistically significant; and (3) the impact of changes in intangible assets on firms' default rates is comparable with that of changes in financial data. Based on our analysis, it may be effective to take into consideration intangible assets to enhance the accuracy in estimating firms' default rates. Therefore, in assessing firms' credit risk, it is important to enhance the information on intangible assets to objectively assess these assets.
区域金融机构决策机制与软信息运用
DOI：
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发表时间：
2013
期刊：
Public Policy Review
影响因子：
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作者：
Nemoto;Tadanobu;Yoshiaki Ogura;and Wako Watanabe
通讯作者：
and Wako Watanabe