The Empirical Research on FDI and Enterprise Financial Crisis, Agent Problems and Credit Risk—The Risk Warning from the Listed Companies of Science and Technology in Taiwan

Abstract

Construct the warning models of technological enterprise credit risk by the statistical analysis method and find out the factors influencing the company performance in order to achieve the effectiveness of warning in advance and risk management. Based on the empirical analysis, take the question of agency into consideration, distinguish whether the operation right and the ownership are the same and compare their differences. The empirical results show that the separation of the ownership and the management rights and the factors affecting the performance of the company which are the indexes of “financial structure, solvency, operation capacity, profitability and cash”. Studies have shown that the professional managers can reduce the debt ratio to improve the total asset turnover ratio, the cash flow per share and business gross margin, reinvestment ratio and the rate of business income. And the professional managers can also implement the business diversification to reduce business risk, enhance profitability and improve the performance of company.
Key words: Financial crisis; Question of agency; Credit risk model; Financial risk management