CAJ | 학술논문

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。
이제조업상시공사위연구대상，기우Panel logit모형이론，고필재무비솔재시간서렬상적추세성화역사수거대결과적영향，구건료재무위궤예경모형，분석료상시공사함입재무위궤적영향인소。실증결과표명：상채인자、영리인자、영운인자、자본운용인자화자본결구인자균여상시공사함입재무위궤부상관。
In this paper we propose a financial distress early warning model based on panel logit model theory according to the trend of time seriesdata and historical data on the results which is creative in the field of finance. Manufacturing listed companies as the samples, panel logit model an-alyzes 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.