This paper investigates the theoretical relationship between corporate governance,fair value accounting,and debt contracts.It primarily examines the individual impacts of corporate governance and fair value accounting...This paper investigates the theoretical relationship between corporate governance,fair value accounting,and debt contracts.It primarily examines the individual impacts of corporate governance and fair value accounting on debt contracts,while also exploring the influence of corporate governance on fair value accounting.The study emphasizes the importance of considering the interests and legal status of creditors in the context of debt contracts.The findings indicate that strong corporate governance can reduce the likelihood of debt default and that the company’s restructuring costs in the event of a default determine whether improved corporate governance will increase or decrease debt costs.Additionally,the study reveals that the strength of corporate governance affects the value relevance of fair value accounting.However,the impact of fair value accounting on debt contracts is not inherently positive or negative;for instance,companies may use fair value adjustments with manipulative intent to enhance performance.Ultimately,the research highlights that discussions about corporate governance should not prioritize shareholder interests exclusively but also consider the legitimate position of creditors.展开更多
In the process of production and operation,the funds held by enterprises often do not meet the needs of the expanding production scale,so enterprises usually obtain the required funds by borrowing.However,the financin...In the process of production and operation,the funds held by enterprises often do not meet the needs of the expanding production scale,so enterprises usually obtain the required funds by borrowing.However,the financing mode of enterprises is not only limited to borrowing from banks or other financial institutions.With the rapid economic development and the continuous activity of the capital market,the bond market has gradually become an important channel for enterprise financing⑴,In order to improve the layout of the industrial chain,Guangyi Technology has carried out continuous mergers and acquisitions(M&A)since 2013.Due to its limited funds,Guangyi Technology acquired a large amount of funds required for M&A by means of equity pledge.However,the copyright cloud project invested in M&A in the early stage did not achieve the expected results,leading to a frequent breach of equity pledge,which evolved into debt defaults.Therefore,this article takes Guangyi Technology as the research subject and puts forward relevant avoidance suggestions through the evaluation of its debt default risk.展开更多
In the current development landscape of the credit industry,risk management faces a series of challenges.Although technological advancements have brought significant progress to this field,issues such as high labor co...In the current development landscape of the credit industry,risk management faces a series of challenges.Although technological advancements have brought significant progress to this field,issues such as high labor costs and insufficient customer authentication persist,highlighting the urgent need to build efficient risk prediction models.Taking the GiveMeSomeCredit dataset on the Kaggle platform as an example,this study applies feature-engineering techniques to develop a debt default early warning model aimed at identifying potential credit risks in advance.By combining in-depth optimization of IV and WOE values,logistic regression models and an LR-WOE model were constructed.Comprehensive evaluation using metrics such as PSI,KS statistic,and AUC scores ensured the robustness of the models'risk prediction accuracy.The research findings reveal:(1)Family structure plays a crucial role in credit risk assessment.Applicants with 0 or 7 dependents exhibit a higher probability of default compared to the overall sample,while those with 6 or 8 dependents demonstrate relatively lower default risk.(2)The constructed LR-WOE model performed the best,indicating its effectiveness in distinguishing borrowers with different credit profiles and maintaining stable predictive performance across various thresholds.Integrating WOE transformation techniques with logistic regression models can help financial institutions assess credit risks more accurately and optimize risk management strategies.展开更多
文摘This paper investigates the theoretical relationship between corporate governance,fair value accounting,and debt contracts.It primarily examines the individual impacts of corporate governance and fair value accounting on debt contracts,while also exploring the influence of corporate governance on fair value accounting.The study emphasizes the importance of considering the interests and legal status of creditors in the context of debt contracts.The findings indicate that strong corporate governance can reduce the likelihood of debt default and that the company’s restructuring costs in the event of a default determine whether improved corporate governance will increase or decrease debt costs.Additionally,the study reveals that the strength of corporate governance affects the value relevance of fair value accounting.However,the impact of fair value accounting on debt contracts is not inherently positive or negative;for instance,companies may use fair value adjustments with manipulative intent to enhance performance.Ultimately,the research highlights that discussions about corporate governance should not prioritize shareholder interests exclusively but also consider the legitimate position of creditors.
文摘In the process of production and operation,the funds held by enterprises often do not meet the needs of the expanding production scale,so enterprises usually obtain the required funds by borrowing.However,the financing mode of enterprises is not only limited to borrowing from banks or other financial institutions.With the rapid economic development and the continuous activity of the capital market,the bond market has gradually become an important channel for enterprise financing⑴,In order to improve the layout of the industrial chain,Guangyi Technology has carried out continuous mergers and acquisitions(M&A)since 2013.Due to its limited funds,Guangyi Technology acquired a large amount of funds required for M&A by means of equity pledge.However,the copyright cloud project invested in M&A in the early stage did not achieve the expected results,leading to a frequent breach of equity pledge,which evolved into debt defaults.Therefore,this article takes Guangyi Technology as the research subject and puts forward relevant avoidance suggestions through the evaluation of its debt default risk.
基金National Natural Science Foundation of China(72204130)Higher Education Outstanding Youth Innovation Team Program(2023RW028)+1 种基金Social Science Planning Project of Shandong Province(25CLJJ36)Social Science Planning Project of Qingdao(QDSKL2401132)。
文摘In the current development landscape of the credit industry,risk management faces a series of challenges.Although technological advancements have brought significant progress to this field,issues such as high labor costs and insufficient customer authentication persist,highlighting the urgent need to build efficient risk prediction models.Taking the GiveMeSomeCredit dataset on the Kaggle platform as an example,this study applies feature-engineering techniques to develop a debt default early warning model aimed at identifying potential credit risks in advance.By combining in-depth optimization of IV and WOE values,logistic regression models and an LR-WOE model were constructed.Comprehensive evaluation using metrics such as PSI,KS statistic,and AUC scores ensured the robustness of the models'risk prediction accuracy.The research findings reveal:(1)Family structure plays a crucial role in credit risk assessment.Applicants with 0 or 7 dependents exhibit a higher probability of default compared to the overall sample,while those with 6 or 8 dependents demonstrate relatively lower default risk.(2)The constructed LR-WOE model performed the best,indicating its effectiveness in distinguishing borrowers with different credit profiles and maintaining stable predictive performance across various thresholds.Integrating WOE transformation techniques with logistic regression models can help financial institutions assess credit risks more accurately and optimize risk management strategies.
