With the increasingly fierce market competition, more and more listed companies fall into financial distress, in order to help the listed companies and investors, creditors, government and other stakeholders to better distinguish whether the company is in financial difficulties, establishing a scientific and effective financial early-warning mechanism is of great significance.This paper uses empirical analysis, selects 2009 year ST listed companies for the first time and their matching companies as the training sample from the Shanghai and Shenzhen A-share listed companies, selects indicators on the basis of financial indicators, introduces the corporate governance indicators, share capital structure indicators, stock market performance indicators, audit report opinions type indicator, also joined the EVA factor, builds a relatively comprehensive financial information system of early-warning indicators. Based on data of the training sample companies for 2007-2008, firstly adopting non-parametric method to test the significance of the sample's variables in addition to EVA, using the factor analysis extracts common factors from significant variables, then establishing Logistic models, while adding EVA factor to bulid models again. Then, selecting the 2010 year ST listed companies and their matching companies as the test samples, testing the effectiveness of the models.The empirical research shows that EVA can improve the ability of the financial early-warning. |