Research about ROE on Chinese Small and Medium-sized Enterprises Based on Quantile Regression
Using the data of annual financial reports of all listed companies from China A Stock market) we find that Chinese Small and Medium-Size Enterprises ROE presents a significantly left-skewness, excessive kurtosis and fat tail distribution. Good performance companies and bad performance ones on two ends of the distribution reflect SMEs risk characteristics and success attributes respectively, which are the research emphasis of this paper. We adopted Quantile Regression model, which demonstrates that models with different tua describe the capital utilization efficiency and preference characteristics of companies with different ROE, and shows a close connection between management state and capital management level. Finally we suggest that maintaining Cash Received from Sales of Good or Rendering of Services steady growth, decreasing financing cost and promoting the level of financial management are essential for SMEs to improve their ROE.
rate of return on common stockholders equity (ROE) small and medium size enterprises (SMEs) large scale enterprises (LSEs) quantile regression (QR)
LU Xiaoguang LI Jing
Hohai University, P.R.China
国际会议
杭州
英文
350-354
2009-10-25（万方平台首次上网日期，不代表论文的发表时间）