The Research Of Enterprise Financial Crisis Pre-warning Based On The Entropy Theory

Enterprise financial crisis pre-warning changes with the world economic environment and become more and more important and it should become enterprises'daily defense measures. In the theory horizon, numerous scholars have paid painstaking effort for financial crisis pre-warning; and in practice, entrepreneurs have made great efforts to fumble financial crisis pre-warning applications. However, the enterprise financial crisis pre-warning studies or applies are still unsatisfactory, in theory it is lack of theoretical support, and in practice the pre-warning means are still comparatively simple.Therefore, it still needs scholars and entrepreneurs to make unremitting efforts to develop enterprise financial crisis pre-warning.In order to improve the value of financial crisis pre-warning accurate rate and find the value of the Entropy theory in financial crisis prewarning, the paper based on the listed companies in manufacturing as research objects, used the Entropy theory to do financial crisis warning research.In the first chapter's introduction parts, the background and significance topics were analyzed, and the research status of financial crisis warning and several major quantitative models of financial crisis pre-warning were simply concluded, then the main research contents and ideas of this paper were proposed.In the second chapter, defined the concept of financial crisis, and summed up the relevant theory of financial crisis warning, based on the analysis of the cause of financial crisis, discussing using the Entropy theory to structure the financial crisis pre-warning model is feasible. In the third chapter, the paper introduced the current research status, both the basic concepts and the essential characteristics of the Entropy theory, the theoretical analysis of the Entropy theory in financial crisis pre-warning. Fourth chapter is demonstration analysis, this paper selects 74 listed companies in manufacturing as the sample companies, the financial crisis companies and the normal companies were both 37, and selectd the sample companies span more than one year, there were 26 financial crisis companies in 2004 and 11 in 2005 which were with special treatment (ST) for the first time. And the normal companies were choosed in the same year and industry with the financial crisis companies. At first, selected financial indexes to do financial crisis warning, then introduced corporate governance indexes to do financial crisis warning again.Results show that the Entropy theory in financial crisis warning is effect, and the introduction of corporate governance can make the prediction effect better.