Study on the Influence Factors of High-Tech Enterprise Credit Risk: Empirical Evidence from China's Listed Companies

Abstract

Taking 187 high-tech listed companies in China as samples, using the Cox model, an empirical test on the influence factors of high-tech enterprise credit risk is carried out. The empirical results show that, the financial situation has significant effect on credit risk of high-tech enterprise, especially the current ratio, accounts receivable turnover, total assets turnover ratio, return on equity, etc; and also the independent innovation capacity has significant effect on credit risk of high-tech enterprise, the stronger the independent innovation capacity is, the lower high-tech enterprise credit risk becomes. However, the influence of regional factor on credit risk of high-tech enterprise is relatively limited, the influence of growing factor is not obvious, as well as enterprise scale, and the influence of industry factor should be further examined. Particularly, this paper provides evidence that there is a significant negative correlation between independent innovation capacity and credit risk of high-tech enterprise; this will contribute to financial institutions to increase the credit support for independent innovation.