| 摘要(英) |
Researches on the prediction of financial distress companies focus on traditional financial indicators. Common financial indicators have provided good predicting ability over firms whose core businesses are operated inefficiently, or having extremely high leverage. For those whose core businesses remain profitable, but craving for financial manipulation, the predictability is insufficient. Besides, many under-performed companies varnish their financial statements by selling inventories to subsidiaries; this phenomenon will not be discovered through the conventional model. To improve the predictability of the financial distress model, we include the pledge ratio of major shareholders, the percentage of subsidiaries purchasing parent companies’ shares, and the ratio of short-term investment as explanatory variables, and examine the differences between consolidated statement and ordinary statement. Based on our empirical results, we find that incorporating financial manipulation indicators helps to increase predictability (90.625%-93.75%). In addition, consulting consolidated statements instead of unconsolidated statements boosts the predictability from 68% to 76%. |
| 參考文獻 |
參考文獻
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