财务预警外文文献

1、Financial risks and its early-warning system description Beaver(1996) defines financial risk as:bankruptcy, cumulative debt. thinks deterioration of an enterprise the following : maturity; fllow of the profit worth; the capacity of obtaining inflow. Also Altman(1968) financial a listed company been

2、be bankrupt by The lack of ability was by the failure in found troubles temporary less important ,and usually to through asking for through off the to pay debts a , if problems are permanent , enterprise have to the bankruptal ; however if the problems are ,the company have chance to of spot, a a po

3、fit ! between financial risks its early-warning not only with the companys survival , but also the interests of the investors,and the With intensive of Chinas market economy the of the market, threatened financial Which means that without a precaution the corporate may get into a tight a of , it has

4、 become great concern comprhesively by investors ,creditors, and some institutions of market .The early-warning is available to for governors for financial as to prevent This system to after the symbol of financial . On it has already listed all the possibilities of reasons for financial crisis its

5、data system ,which is able to prevent risk it yet to come . review a methods risks early-warning is of for financial risks early-warning Muiriple (MDA), which . Id like to introduce two of First, Univarlate forecasting ,which if an enterprise is with bankruptcy or not , based on one financial Howeve

6、r ,univarlatehas two significant shortcomings: Firstly, if financial to judge it will easily be decorated by the manager once it revealed will be controversies if than were judge the financial of a comparetively way of early-warning finance it can be easily and used , but it is sensitive. In the Uni

7、varlate of to Muiriple Analysis . the hand when it to prediction the last 2 to 3 years , it be of a great ability forecast, which revealed somefinancial began with financial deterioration .Second, Muiriple Discriminant (MDA)Muiriple Analysis (MDA) also Z aimed working out the which differs between t

8、wo dispers the couple of through a of techniques,so as to transform the variable identifier into a categorical with the loss of information . In this way, a linear is which can highly improve predicting accuracy . MDA forms an multi-head linear which provide a high capacity in MDA is of high ,howeve

9、r are some as below: 1, it needs a quite large amount work. 2, the over one MDA can and But in the over more (generally 2 to years) it wont so it dose in former situation ，sometimes even the Univarlate. 3, MDAsticks strictly to a which hardly full filled in ,in way the Muiriple (MDA) limited into us

10、e.4,Financial early a brief introduction of Financial early system of a monitoring on the of enterprise by means of financial report forms, operation plans others financial data of with the aid of financial proportional analysis, mathematical model, distinguishes financial crisis signal from early w

11、arning lift to listed interest related early from America in the very Overseas market have for a long with not only a pretty high of of listed financial also a rather development. Some have developed financial early warning which even become time-tested softwares, in the light of financial of financ

12、ial crisis Overseas indicate, financial system can financial crisis for monitor quality of the risk of security market normal rights interests of creditor, reduce of security development of is as the the economy necessity of a early-warning system for financial With the of economic the establishment

13、 and improvement of Chinas face intense competitive environment. In the competition, financial distress any time, even Therefore, establishment of viable financial early system against financial important practical management， is the management of flow， an important activity the enterprise. Through

14、the of domestic and business can be seen from the financial 。 The of corporate financial is of great financial early warning, is through financial of for continuous deterioration of corporate financial losses to creditors investors.The the early-warning is ，the sooner will be find responded back to

15、business operators the more effectively it will be to solve The early-warning system will take to avoid financial Therefore, establishment of financial early warning system is necessary. with market, Chinese got off to a start, listed hasnt enough norms . With continuous mature of security market an

16、d listed in China, there a larger market demand for financial system, academic practical tighten financial early of listed will be divided into five chapters as follows to financial early warning of listed the theory of system, quo and of the of financial early warning in Chinese listed introduction

17、 enlightenments of of listed company financial warning proof analysis of Z-score to forecast financial crisis listed the for financial of listed In by reason of aggravating of internal it is for fall into financial in the of which even bankrupt. for listed in with the joining into of our they encoun

18、ter of multinational abroad. In order to listed in establish financial early-warning It can forecast prevent financial for listed monitor quality the risk of security market for management rights interests of investor creditor, shock of market of which helpful both economy reality, financial of listed in good overall, examples of whose are special terminated in market. Until 2005, are special are in the Therefore, financial early-warning critical for listed to survive Beaver（1966）将财务危机定义为：破产、拖欠优先股股利和拖将财务