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随着经济全球化进程的推进,企业暴露出的风险也在加大,财务危机预警就显得格外重要。财务危机预警模型的核心就是Z计分模型,本文使用了沪深股市最新企业数据,以2013年*ST为研究样本,同时在挑选上市企业时兼顾行业的多元化,并进行了企业Z值的趋势研究,通过股票市场的反应与Z值的变动比较,看两者是否相契合,旨在揭示Z计分模型在中国的适用性。
With the progress of economic globalization, the risks exposed by enterprises are also increasing, and the warning of financial crisis is especially important. The core of the financial crisis early warning model is the Z score model. In this paper, the latest firm data of Shanghai and Shenzhen stock markets are used. Taking 2013 * ST as the research sample, taking into account the diversification of the industry in the selection of listed companies, Trend research, through the stock market reaction and the change of Z value comparison, to see whether the two fit, designed to reveal the Z score model in China’s applicability.