Research On The Financial Characteristics Of Listed Companies' Risk Resilience To Capital Market Systems

Capital market system risk,also known as non-decentralized risk,is the risk that the listed company can't avoid and completely disperse.Even so,each listed company has different ability to resist the system risk.Among these factors,the financial characteristics of listed companies are the key factors to influence their resistance abilities of system risk.It can provide the possibility for investors to choose more stable investment object and provide reference for listed companies about how to strengthen their resistance abilities of system risk.Based on the event study,this paper analyzes the differences of listed companies' financial characteristics with different resistance abilities of capital market system.Through the independent sample T test,we can identify that the listed companies with strong resistance abilities of system risk have better performance in the aspects of debt service,operation,profit,cash flow and cash dividend payment than the listed companies with weak resistance abilities of system risk.But the development ability does not reflect the average advantage.Further use Logistics regression analysis,discovers the cash flow ability,the profit ability,the operation ability,the repayment ability,the influence of cash dividend payment ability on resistance abilities of system risk has a sequence relationship from strong to weak,and then in the frequency distribution analysis,the listed companies with strong and weak resistance abilities of system risk are identified significant differences in frequency distribution between turnover rate of accounts receivable,operating profit margin,net return of assets,earnings per share,total cash recovery rate and net cash flow generated by operating activities per share.The results show that the financial characteristics of listed companies with different resistance abilities of capital market system are different.From the point of view of capital market system risk resistance abilities,investors should be rational use of the financial data disclosed by listed companies,especially theindicators of cash flow and profitability,which is also the focus of the listed companies to enhance their resistance abilities of system risk.