Study On Financial Crisis Early-warning Of Small And Medium-sized Enterprises Board Of Chinese Listed Companies

Financial crisis means an enterprise steps into insolvency and can not afford expired debt. It not only endangers the enterprise's survival and development, but also affects the benefit of inventors, creditors and country. Along with market economy system reform deepening and capital market fast development in China, market competition becomes much intender. The listed companies which are exposed to crisis threat would be in hot water if they can not keep away crisis in time. Therefore, to forecast listed companies' financial crisis becomes a focus concerned by inventors, creditors and intendance institution. As an important portion of economy and financial early-warning system research, it has high science value and application value in our society. If the financial crisis early-warning system can be created, it will be helpful for proprietor, inventors and other relative staff to forecast financial problem hidden in company operation system, to tell proprietor how to solve problems effectively they meet, to put the limited financial resource into most valuable place in listed company, to ensure our capital market operating smoothly and efficiently and hasten optimizing resource.The small and medium-sized enterprises board was launched in Shenzhen Stock Exchange (SSE) in 25th June, 2004. It is an important system innovation in securities market and must face a lot of risk. It is critical for the small and medium-sized enterprises board market and financial crisis brought to study scientific and effective financial crisis early-warning based on learning and evaluating it reasonably and roundly.Because our small and medium-sized board listed companies are young and insufficient, the research of their financial early-warning hasn't paid enough attention to in enterprise and academic field. Even though they are active and have good foreground, numerous small and medium-sized enterprises are main motility of economy, significant force of science innovation and main channel of employment. But, By dint of small and medium-sized board listed companies financial crisis analysis, it is useful for those listed companies which are small, low competitive, apt to bankrupt, facing more financial risk.In the view of financial crisis early-warning theory, this paper brings forward the viewpoints that the limited applicability of financial crisis early-warning models and we should strengthen their financial crisis early-warning in allusion to the characteristic of...