基于面板数据的我国制造业上市公司财务危机预警研究

以制造业上市公司为研究对象,基于Panel logit模型理论,考虑财务比率在时间序列上的趋势性和历史数据对结果的影响,构建了财务危机预警模型,分析了上市公司陷入财务危机的影响因素。实证结果表明:偿债因子、盈利因子、营运因子、资本运用因子和资本结构因子均与上市公司陷入财务危机负相关。

Financial Distress Prediction of China's Manufacturing Listed Companies Based on Panel Data

In this paper we propose a financial distress early warning model based on panel logit model theory according to the trend of time series data and historical data on the results which is creative in the field of finance. Manufacturing listed companies as the samples, panel logit model analyzes the factors influencing their financial distress. The empirical results show that debt factor, profitability factor, operating factor, capital utilization factor, capital structure factor are negatively related to financial distress of the listed corporations.