Z-Score Value Frequency Histogram

Figure 4.1. Z-score value frequency chart

Figure 4.1 shows that the Z-score values do not have a normal distribution, but tend to be skewed to the right. The Z-score values are concentrated in the range from -0.54 to 7.06. The amplitude of the Z-score index is 31.0 (from -6.24 to 24.76) which is much higher than the model's benchmark (from 1.1 to 2.6), which may raise questions about the suitability of applying the Z-score model to predict bankruptcy of real estate enterprises listed in the Vietnamese market.

Figure 4.2. X-value frequency histogram 1

Figure 4.2 shows that the X 1 values have a distribution that closely resembles a normal distribution. The X 1 values are concentrated in the range from -0.01 to 0.47.

Figure 4.3. X 2 value frequency chart

Figure 4.3 shows that the X 2 values do not have a normal distribution, but tend to be skewed to the left. The X 2 values are concentrated in the range from -0.026 to 0.112.

Figure 4.4. X-value frequency chart 3

Figure 4.4 shows that the X 3 values do not have a normal distribution, but tend to be skewed to the left. The X 3 values are concentrated in the range from -0.035 to 0.161.

Figure 4.5. X-value frequency chart 4

Figure 4.5 shows that the X 4 values do not have a normal distribution, but tend to be skewed to the right. The X 4 values are concentrated in the range from 0.11 to 2.71.

Table 4.2. Correlation table between Z-score model variables

Variable

Z-score	X 1	X 2	X 3	X 4
Z-score	1.00
X 1	0.61	1.00
X 2	0.44	0.25	1.00
X 3	0.51	0.28	0.92	1.00
X 4	0.85	0.17	0.14	0.20	1.00

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Table 4.2 shows that the Z-score variable is positively correlated and has a relatively strong correlation with variables from X 1 to X 4 . This shows that factors such as working capital, profit and financial leverage all have a great influence on the bankruptcy probability of the enterprise.

On the other hand, most of the correlations between the explanatory variables are weak but individual

The correlation between X 2 and X 3 is very high. This phenomenon can be explained by the fact that X 2 and X 3 have the same denominator, which is total assets, but the only difference is the numerator, which is retained earnings or pre-tax and interest earnings. In addition, the strong positive correlation between X 2 and X 3 raises the question of whether to use both X 2 and X 3 at the same time or whether further research is needed to remove one of these two variables from the model.

4.1.2. H-score model

Table 4.3. Descriptive statistics table of H-score model variables

STT

Variable name	Number of observations	Average value	Standard deviation	Minimum value	Maximum value
1	H-score	224	3.80	1.74	-4.96	13.96
2	V 1	224	0.02	0.08	-0.90	0.25
3	V 2	224	0.27	0.20	0.00	1.01
4	V 3	224	0.13	0.30	-2.83	0.79
5	V 4	224	0.08	0.36	-1.00	2.45
6	V 5	224	0.51	0.19	0.05	0.84
7	V 6	224	0.36	0.17	0.01	0.74
8	V 7	224	12.43	0.69	10.61	14.60
9	V 8	224	0.83	1.22	-0.61	12.29
10	V 9	224	0.84	0.91	-2.34	3.73

Table 4.3 shows the descriptive statistics of the explanatory variables V 1 to V 9 and the predictor variable H-score of the model. In which, the variable H-score ranges from -4.96 to 13.96 and has a mean of 3.80 with a standard deviation of 1.74. Variable V 1 ranges from -0.90 to 0.25 and has a mean of 0.02 with a standard deviation of 0.08. Variable V 2 ranges from 0 to 1.01 and has a mean of 0.27 with a standard deviation of 0.2. Variable V 3 ranges from -2.83 to 0.79 and has a mean of 0.13 with a standard deviation of 0.3. Variable V 4 ranges from -1.0 to 2.45 and has a mean of 0.08 with a standard deviation of 0.36. Variable V 5 ranges from 0.05 to 0.84 and has a mean of 0.51 with a standard deviation of

0.19. Variable V 6 ranges from 0.01 to 0.74 and has a mean of 0.36 with a standard deviation of 0.17. Variable V 7 ranges from 10.61 to 14.60 and has a mean of 12.43 with a standard deviation of 0.69. Variable V 8 ranges from

The V 9 variable ranges from -2.34 to 3.73 and has a mean of 0.84 with a standard deviation of 0.91.

Figure 4.6. Frequency chart of H-score values

Figure 4.6 shows that the H-score values have a distribution shape that closely resembles a normal distribution. The H-score values are concentrated in the range from 2.04 to 6.04 and have 2 values less than 0.

Figure 4.7. Frequency chart of V 1 values

Figure 4.7 shows that the V 1 values do not have a normal distribution, but tend to be skewed to the left. The V 1 values are concentrated in the range from -0.026 to 0.112.

Figure 4.8. Frequency chart of V 2 values

Figure 4.8 shows that the V 2 values do not have a normal distribution, but tend to be skewed to the right. The V 2 values are concentrated in the range from 0 to 0.36.

Figure 4.9. Frequency chart of V 3 values

Figure 4.9 shows that the V 3 values do not have a normal distribution, but tend to be skewed to the left. The V 3 values are concentrated in the range from -0.11 to 0.4.

Figure 4.10. Frequency chart of V 4 values

Figure 4.10 shows that the V 4 values do not have a normal distribution, but tend to be skewed to the right. The V 4 values are concentrated in the range from -0.16 to 0.26.

Figure 4.11. Frequency chart of V 5 values

Figure 4.11 shows that the V 5 values do not have a normal distribution, but tend to be skewed to the left. The V 5 values are concentrated in the range from 0.27 to 0.71.

Figure 4.12. V 6 value frequency chart

Figure 4.12 shows that the V 6 values have a distribution that closely resembles a normal distribution. The V 6 values are concentrated in the range from 0.11 to 0.61.

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