企业失败判别模型实证研究

一、问题的提出企业失败是一个世界性的问题。根据Ｄｕｎ＆Ｂｒａｄｓｔｒｅｅｔ的记录 ,美国 1991年失败企业有 872 66家。报纸“ＴｏＶｉｍａ”1997年 6月 8日报道 ,1996年部分欧洲国家失败企业的数目如下 :法国有 5990 0家 ,德国有 310 0 0家 ,英国有 4 2 90 0家 ,意大利有1560 0家 ,瑞典有 12 2 0 0家 ,瑞士有 10 2 0 0家。美国和部分欧洲国家失败企业的数量是庞大的。由于企业失败问题的极端重要性 ,一直以来就有很多专家学者希望采用定量分析建立模型等方法抓住失败企业的本质特征。 1968年美国专家Ｅｄ ｗａｒｄ .Ｉ .Ａｌｔｍａｎ首…

Empirical Study on the Corporate Failure Discrimination Model

Since 1960s,studies on corporate failure prediction have prevailed both in the United States and in European countries.But few researches on this subject have been conducted in our country until very recently.We make use of the financial statements of companies incorporated in Shenzhen and build a successful model for corporate failure discrimination.We conclude that under current economic and accounting envionment in China,financial statements can sufficiently reflect the characteristics of failed corporations.Thus it is feasible to use two linear discriminant functions,which just include four financial ratioes respectively,to discriminate and predict corporate failure very well.