期刊名称：Journal of Asian Finance, Economics and Business
印刷版ISSN：2288-4637
电子版ISSN：2288-4645
出版年度：2019
卷号：6
期号：4
页码：53-63
DOI：10.13106/jafeb.2019.vol6.no4.53
语种：English
出版社：Korean Distribution Science Association
摘要：The paper examines the influence of profitability on distance to default (DD) in Vietnam securities market.The investigated sampl e consists of 211 companies listed on HOSE during 18 years from 2010 to 2017.We apply KMV model to calculate distance to d efault and use both macroeconomics factors and firm specific factors as independent variables.Using General Least Squared (GLS ) method,we find evidence to confirm the positive relationship between profitability and distance to default.This result showed tha t,although profitability did not directly reflect the cash flow generated,a good profitable enterprise would be an important factor t o help facilitate and generate cash flow and at the same time debt was guaranteed when it was due.Besides,the test results reveal ed that the financial structure and sales on assets have the inverse effect on the distance to default at the significance level of 5%.Th e results also revealed that a group of macro factors had an influence on the distance to default of businesses,including spread,GD P and trade balance (via exchange rates).Gross domestic income had certain impacts on the distance to default of businesses.Thi s was also a basic indicator measuring the national economic cycle.
关键词：Distance to Default;General Least Squared;KMV Model;Profitability;Vietnam Securities Market
