Financial Early-warning Model of Manufacturing Listed Companies Based on Integrated Indicators
As an important part of risk management, financial early-warning is a chief instrument to predict a companys financial position. In this paper, free cash flow-based indicators are combined with traditional financial early-warning system. How to build an early-warning model to improve this empirical research is an important question. Firstly, we build the early-warning model of the last three years by collecting date of financial indicators which is from 35 listed companies of manufacturing industry treated specially because of financial distress and 70 normal companies which are matched to the sample of 35 companies. Then it uses the date of sample to build the model through principal component analysis and logistic regression. The results show that the affection of free cash flow-based indicators combined with traditional financial early-warning model is good and has a long-term capability of early-warning.
financial early-warning FCF principal component analysis logistic regression
Huifang Zhao Fangyuan He Sheng Xu
School of Management of Hefei University of Technology Hefei,China
国际会议
太原
英文
254-258
2011-02-26（万方平台首次上网日期，不代表论文的发表时间）