Research Article
Application of Big Data Complexity Analysis Hedging Operation of Derivative Financial Products
Table 10
Parameter estimation table of the Heckman sample selection model.
| Number of obs = 7413 Censored obs = 3929 Uncensored obs = 3484 Wald chi2(10) = 119.62 Prob > chi2 = 0.0000 | Hedging category | Variable | Estimated coefficient | Standard error | Z value | value | Debt ratio (TLR) | −0.0098526 | 0.0019086 | −5.16 | ≤ 0.001 | Operating gross margin (GPMS) | 0.0030374 | 0.0014012 | 2.17 | 0.030 | Long-term debt ratio (LLR) | 1.381609 | 0.3062144 | 4.51 | ≤ 0.001 | Fixed asset ratio (FAR) | −0.5702037 | 0.1452769 | −3.92 | ≤ 0.001 | Cash flow ratio (CFR) | 0.000092 | 0.000429 | 0.21 | 0.830 | Current ratio (CR) | −0.0014274 | 0.0006959 | −2.05 | 0.040 | Quick ratio (QR) | 0.0010574 | 0.0007212 | 1.47 | 0.143 | Operating income (OR) | −5.53e − 10 | 3.06e − 10 | −1.81 | 0.071 | Earnings per share (EPS) | −0.01139 | 0.0106861 | −1.07 | 0.286 | Director and supervisor shareholding ratio (DHB) | −0.0033535 | 0.0015209 | 2.20 | 0.027 | Executive shareholding ratio (CHB) | 0.0483558 | 0.0083939 | 5.76 | ≤ 0.001 | _cons | 2.180772 | 0.1070058 | 20.38 | ≤ 0.001 |
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