| 基于技术效率和市场信息的财务危机预警研究 |
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| 引用本文： | 徐宏峰.基于技术效率和市场信息的财务危机预警研究[J].经济管理,2007(18):45-50. |
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| 作者姓名： | 徐宏峰 |
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| 作者单位： | 淮阴师范学院经济管理系,江苏淮安223300 |
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| 摘 要： | 本文应用随机前沿生产函数和Merton期权模型对2001～2003年ST公司和相应配对公司危机发生之前的技术效率和违约距离进行了研究。技术效率和违约距离的logistic危机预警模型能更明显提高模型的危机判断正确率。危机发生前第3个年份，财务比率没有发生明显变化，而考虑技术效率和违约距离后，危机公司的区别正确率为76．8％，提高了378％。
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| 关 键 词： | 财务危机 技术效率 随机前沿生产函数 违约距离 |
| 文章编号： | 1002-5766（2007）18-0045-06 |
| 修稿时间： | 2007-06-20 |
A Study of Financial Risk Prevention Based on Account Technical Efficiency and Market Information |
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| XU Hong-feng.A Study of Financial Risk Prevention Based on Account Technical Efficiency and Market Information[J].Economic Management,2007(18):45-50. |
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| Authors: | XU Hong-feng |
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| Abstract: | Technical efficiency and distance to default are important factors in explaining financial distress except for financial ratios. The paper utilizes stochastic frontier functions and Merton model to calculate technical efficiency and distance to default of Chinese listed companies, both for special treatment companies and its match companies. It is found that technical efficiency and distance to default are good indicators to forecast financial distress than financial ratios. |
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| Keywords: | financial distress technical efficiency distance to default |
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