The data used is from CSMAR database 2015-2019 annual financial statements. It selected from four aspects: asset structure, profitability, cash flow, and operating capability. The model used is M-score model with 9 indexes: Day Sales in Receivables Index (DSRI), Gross Margin Index (GMI) Asset Quality Index (AQI) Sales Growth Index (SGI) Depreciation Index (DEPI) Selling, General, & Admin. Expenses Index (SGAI) Leverage Index (LVGI) Total Accruals to Total Assets (TATA). Below is the univariate analysis and histograms of each index.

Univariate Analysis

##         vars     n  mean      sd median trimmed  mad       min       max
## DSRI       1 14401  3.70  173.50   1.00    1.01 0.25     -1.54  19046.40
## GMI        2 14401  0.85  192.38   0.99    0.92 0.51 -11540.66  18088.33
## AQI        3 14401  1.08    9.84   1.00    0.99 0.05      0.00   1181.19
## SGI        4 14401  1.33    4.33   1.09    1.12 0.18     -0.31    430.04
## DEPI       5 14401 10.58 1025.85   0.99    0.96 0.12      0.00 122974.72
## SGAI       6 14401  1.10    2.17   1.00    1.01 0.15     -2.34    125.82
## LVGI       7 14401  1.09    0.66   1.00    1.03 0.14      0.00     30.93
## TATA       8 14401  0.55    0.53   0.45    0.48 0.28     -0.66     11.58
## M_score    9 14401  3.86  223.15  -0.14    0.02 1.69  -6095.49  17529.54
## y*        10 14401  1.91    0.29   2.00    2.00 0.00      1.00      2.00
##             range   skew kurtosis   se
## DSRI     19047.94  98.49 10368.92 1.45
## GMI      29628.99  38.06  6515.93 1.60
## AQI       1181.19 119.93 14385.58 0.08
## SGI        430.35  71.77  6739.81 0.04
## DEPI    122974.72 119.60 14331.75 8.55
## SGAI       128.15  43.61  2251.50 0.02
## LVGI        30.93  20.96   694.07 0.01
## TATA        12.24   6.94    94.39 0.00
## M_score  23625.03  57.33  4115.04 1.86
## y*           1.00  -2.81     5.89 0.00

Bivariate Plot

Below are bivariate plots for all metrics.

Multivariate Plot

Below is the multivariate plot: