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Financial Performance in Manufacturing Firms: A Comparison Between Parametric and Non-Parametric Approaches

机译:制造企业的财务绩效:参数和非参数方法的比较

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摘要

This paper provides a methodological analysis of credit risk in manufacturing firms by using two different credit scoring approaches. The first is the traditional discriminant approach for bankruptcy prediction based on a logistic regression model, whereas the second, data envelopment analysis, is a nonparametric approach for measuring firms' efficiency that does not require ex-ante information on bankrupted firms. By using a manufacturing sample of both healthy and bankrupted firms during the period 2003-09 we provide an in-depth comparison of discriminant analysis and data envelopment analysis and conclude that a correct evaluation of firms' credit worthiness is the result of successive fine-tuning procedures requiring the use of multiple methodological tools.
机译:本文通过两种不同的信用评分方法,对制造企业的信用风险进行了方法学分析。第一种是基于逻辑回归模型的传统破产判别方法,而第二种是数据包络分析,它是一种用于衡量企业效率的非参数方法,不需要事先了解破产企业的信息。通过使用2003-09年期间健康和破产企业的制造样本,我们对判别分析和数据包络分析进行了深入比较,并得出结论,对企业信用价值的正确评估是连续进行微调的结果需要使用多种方法学工具的程序。

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