Quaderni IRCrES-CNR, (2019) vol. 4, n. 2 cap. 4
Solvibilità Vs liquidità nelle crisi d’impresa
Solvibility vs. Liquidity in the Corporate Financial Crisis
Franco Varetto
CNR-IRCRES, Consiglio Nazionale delle Ricerche – Istituto di Ricerca sulla Crescita Economica Sostenibile, Via Real Collegio 30, Moncalieri (TO) – Italy
corresponding author: francoww@tin.it
Abstract
The firm’s default can be examined as a solvency event or a shortfall liquidity event. This work deals with two main perspectives followed in the relevant literature: the EBIT-based models and the liquidity-based models. Both are consistent with each other when the over-indebtedness coexists with the shortfall of liquidity. In the econometric section of the paper, the risks of shortage of liquidity compared with the estimated debt reimbursement are measured in the manufacturing industries using the Dati Cumulativi of Mediobanca.
Keywords: Credit Risk, Solvency, Liquidity, Cash Flow, Financial Structure
JEL codes: C61, G17, G21, G28, G32, G33
How to cite this article
Varetto, F. (2019). Solvibilità vs. liquidità nelle crisi d’impresa. Quaderni IRCrES, 4(2), 47-82. http://dx.doi.org/10.23760/2499-6661.2019.10