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001-es BibID:	BIBFORM072715
Első szerző:	Kulcsár Edina (közgazdász)
Cím:	Analysis of Romanian small and medium enterprises' bankruptcy risk / Kulcsár Edina
Dátum:	2014
ISSN:	1222-569X 1582-5450
Megjegyzések:	Considering the fundamental role of small and medium enterprises inRomanian economy, this paper aims to quantify the level of their bankruptcy risk for 2009and 2012 period, after debuting of financial crisis. The main reason of selecting this typeof companies is that they represent the backbone of national economy. They have anindispensable role, because they offer jobs for great part of population and theircontribution for GDP stimulation is considerable. In this paper it was applied two defaultrisk models, namely the well known Altman's Z-score model, based on five financial ratiosand a bankruptcy predictor model developed by Teti et. al (2012) used firstly exclusivelyfor Italian small and medium-sized enterprise for 2006-2009 period. The model proposedby Teti et. is based on the investigation of financially distressed and financially nondistressedItalian small and medium-sized enterprises during the financial crisis by usinga discriminant analysis model. They conclude that there are four financial ratios, whichcharacterized well the small and medium-sized enterprises bankruptcy risk. Thesevariables are financial ratios, like: Debt/Total Assets, Return on Sales (ROS),EBIT/Interest Expenses and Working capital/EBIDTA. They consider that small andmedium-sized enterprises require a particular approach in terms of bankruptcy riskanalysis. In present study I try to compare the efficiency of traditional bankruptcy riskmodel with a small and medium-sized specific model. The necessary database forpresent analysis is ensured by simplified financial reports of 120 small and medium-sizedenterprises registered in Bihor County. The selected enterprises are operating inmanufacturing industry (21,67%) and trading (78,33%). Present investigation has animportant value in actual economic background, where the healthiness and sustainabilityof small and medium-sized enterprises is a great issue. The results of study showscontradictory results after implementing above mentioned methods, so while after Altmanmodel application, the investigated firms are non financially distressed, in case of secondmodel applying the great part of firms have medium financial problems.
Tárgyszavak:	Társadalomtudományok Közgazdaságtudományok idegen nyelvű folyóiratközlemény külföldi lapban corporate bankruptcy small and medium-sized enterprise credit risk Z-score discriminant analysis model
Megjelenés:	Analele Universităţii din Oradea. Ştiinţe economice = Annals of University of Oradea. Economic science 1 (2014), p. 928-937. -
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