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上市公司股票交易被特别处理,是对其不能正常履行义务的警示。本文以ST公司为样本,选取同行业、同时期、同规模的非ST公司为对照样本,分析各类财务指标在信用风险传导不同阶段的敏感程度及其原因,揭示上市公司信用风险传导机制,提出防范风险的建议。研究发现,ST公司的财务状况与信用风险企业具有趋同性;上市公司信用风险更大程度上源于资金运作,而非传统意义上的经营活动;信用风险因现金流量不足而形成,因发展能力不足而加剧,在多因素耦合作用下积重难返。
The stock trading of listed companies is specially handled as a warning against their failure to perform their duties properly. This article takes ST company as a sample and chooses non-ST companies of the same industry, same period and same scale as a control sample to analyze the sensitivity of various financial indicators in different stages of credit risk transmission and its causes, to reveal the credit risk transmission mechanism of listed companies, Proposed risk prevention advice. The research shows that the financial status of ST company is similar to that of credit risk companies. The credit risk of listed companies is mainly due to the operation of funds rather than the traditional business activities. The credit risk is caused by the lack of cash flow, Insufficient and aggravating, in the multi-factor coupling under the weight of hard to return.