An Empirical Study of Financial Early-Warning Models- Comparison of Groups and Non- Groups Company

• Main Authors: Hsiao-Feng Lu Lin, 呂林小鳳
• Other Authors: Wu Ko
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/11742168225350316862

碩士 === 清雲科技大學 === 國際企業管理研究所 === 99 === This research focuses on when global financial crisis happens, many enterprises have financial crisis. Except for business operations unsound, the sizes of enterprise groups sustainable management is not a necessary condition. The sample data were collected during year 2000 to 2009, We divided them into groups and non-groups company and use logit models to establish solid financial risk management and financial projection target as the enterprise’s investment disicion.The empirical results indicate that: increasing times interest earned can strengthen enterprise’s solvency power and can have much more protection on creditors rights. For enterprise groups：variables that effect corporate performance are financial structure, solvency, operating performance and profitability indicators; increasing times interest earned and cash flow adequacy ratio can reinforce solvency and operating performance power. Lower the debt ratio, raise receivables turnover, raise cash flow adequacy ratio and gross margin can avoid or lower the possibilities of financial crisis.For non-enterprise groups：variables that effect corporate performance are solvency, operating performance, profitability and cash flow indicators. Lower non-groups retention ratio, raise cash flow adequacy ratio can reinforce enterprises’ profitability.Therefore, the empirical results and management meaning of this research are: financial forecasting, investment decision, corporate performance and financial leverage. Hope to reinforce corporate governance, lower the risk of the financial crisis, increase corporate performance and suitable financial leverage.