财务预警外文文献

Financialrisksanditsearly-warningsystem1,thedescriptionoffinancialrisksBeaver(1996)definesfinancialriskas:bankruptcy,defaultingcumulativepreferenceshareanddebt.Hethinksthat,thedeteriorationofanenterprisedependsonthefollowingfactors:①paymentatmaturity;②thecashfllowoftheenterprise;③profitratetonetworth;④thecapacityofobtainingcapitalinflow.AlsoAltman(1968)definesfinancialriskasalistedcompanythathasbeendefinedtobebankruptbylaw.Thelackofpaymentabilitywhichwascausedbythetechnologicalfailureinfoundmanagement.Generallythesetroublesaretemporaryandlessimportant,andareusuallyabletoremendy,throughvariousmethodssuchasaskingforacompromisethroughconsultation,andputoffthetheduetopaydebts.Inaword,iftheproblemsarepermanent,theenterprisemayhavetofacethebankruptalliquidation;however,iftheproblemsaretemporary,thecompanymayhaveachancetogetoutofthetightspot,andturnalossintoapofit!2,therelationshipbetweenfinancialrisksanditsearly-warningsystem.Financialrisksisnotonlyassociatedwiththecompany'ssurvivalanddevelopment,butalsotheinterestsoftheinvestors,andthecreditors.WiththeintensivedevelopmentofChina'sandtherapiddevelopmentofthecapitalmarket,listedcompaniesarethreatenedbyfinancialrisks.Whichmeansthatwithoutaprecautionsystemthecorporatemaygetintoatightspot.Asamatteroffact,ithasbecomeagreatconcerncomprhesivelybyinvestors,creditors,andsomemonitoringinstitutionsofsecuritiesmarket.Theearly-warningsystemisavailabletoforgovernorstoknowsmoreaboutthecausesforfinancialcrisis,soastopreventfinancialrisks.Thisearly-warningsystemseemstooperateafterthesymboloffinancialrisks.Oncontraryithasalreadylistedallthepossibilitiesofreasonsforfinancialcrisisanditsmonitoringdata.Itisaprecautionsystem,whichisabletopreventandovercometheriskeffectivelywhenitisyettocome.3,toreviewafewofthemethodsforfinancialrisks'early-warningsystem.Thereisagreatrangeofmethodsforfinancialrisks'early-warning,includingunivarlate,MuiripleDiscriminantAnalysis(MDA),Logistic,ProbitandANN,whicharemajorlyused.HereI'dliketointroducetwoofthem...