Research On Enterprise Bankruptcy Risk Identification And Its Influence Effect

In today's fierce market competition,enterprises are always faced with the double risk brought by changes in external macro environment and internal operation management.Different types of enterprises face different risks.If they cannot effectively identify risks and control risks,High corporate risk is likely to lead to bankruptcy.This paper progresses from the definition of enterprise bankruptcy risk,the measurement of risk and the impact of risk on the enterprise.Based on the definition of corporate bankruptcy risk,it screens from four aspects: financial risk,corporate governance risk,macroeconomic risk and industry risk,and constructs Logit model for bankruptcy risk identification of different types of enterprises.Finally,the empirical test examines the impact of bankruptcy risks of different types of enterprises on enterprises,especially the value of enterprises.The results show that,first,the macroeconomic situation has a greater impact on corporate bankruptcy risk.The macroeconomic indicators reflecting labor costs have a greater impact on the bankruptcy risk of labor-intensive enterprises.The macroeconomic indicators reflecting the cost of capital have a greater impact on the bankruptcy risk of capital-intensive enterprises.Enterprise risk-resisting capabilities in technology-intensive industries are relatively strong.Second,the corporate governance structure,especially the irrational ownership structure,is a big potential risk for all three types of enterprises.Third,capital-intensive enterprises should focus on their asset-based financial indicators and solvency.These two types of indicators play an important role in the identification of bankruptcy risks in such enterprises.Fourth,through empirical tests,it is found that corporate bankruptcy risk has an inhibitory effect on corporate value;the industry regression results show that the change of bankruptcy risk of technology-intensive industry enterprises has the greatest impact on enterprise value,because technologyintensive enterprises are risk-stable.When internal and external factors fluctuate,it will not significantly affect the risk of bankruptcy,and the bankruptcy risk will be less volatile.Once the bankruptcy risk increases,it will significantly reduce its corporate value.Finally,on the basis of literature review and empirical research,this paper proposes targeted recommendations for bankruptcy risk identification of different types of enterprises.