Research Article
Application of Big Data Complexity Analysis Hedging Operation of Derivative Financial Products
| Measurement level | Variable name | Formula |
| Expected financial crisis costs | Debt ratio | Debt ratio (TLR) = total debt / company market value | Long-term debt ratio | Long-term debt ratio (LLR) = long-term debt / total assets | Cash flow ratio | Cash flow ratio (CFR) = cash flow from operating activities / current liabilities |
| Tax benefits and hedging | Interest coverage ratio | Interest protection multiple (TIE) = net profit before interest / interest expense |
| Enterprise size and hedging | Earnings per share | Earnings per share (EPS) = net after-tax common shares outstanding | Fixed asset ratio | Fixed asset ratio (FAR) = fixed assets / total assets |
| Equity issues | Shareholding ratio of directors and supervisors | Shareholding ratio of directors and supervisors (DHR) = total shareholdings of directors and supervisors | Executive shareholding ratio | Executive shareholding ratio (CHR) = bottom total shares held by senior management |
| Growth investment opportunities | Operating gross margin | Operating gross margin (GPMS) = (net operating income − operating costs) / net operating income | R&D expense ratio | Research and development cost ratio (RD) = R&D expenses / number of common shares outstanding | Operating income | Operating income (OR) |
| Information asymmetry | Current ratio | Current ratio (CR) = current assets / current liabilities | Quick ratio | Quick ratio (QR) = (current assets − inventory − prepayment) / current liabilities |
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