Study On The Financial Crisis Of The Listed-Companies Of Manufacturing Industry In Our Country

Along with the development of our country's market economy, the competition between enterprises is getting more and more intense. As a manufacturing nation, listed-companies of manufacturing industry are important in our all listed companies, but some of them have fallen into financial crisis in the recent years. Therefore in many cases, finding ways to try to identify problematic companies as early as possible is clearly a matter of considerable interest to managers, investors, creditors and auditors. One way to the aim is to predict financial crisis of companies.This article takes the manufacturing industry as the research object. Firstly, studies systematically in the theoretical knowledge of financial crisis, such as the definition, the characters and so on. Secondly, taking the China's listed-companies of manufacturing industry's characters into consideration, collecting much data, with the quantitative analysis of comparative data and the case study, the thesis analyses the present situation and the reasons of the financial crisis of the listed-companies of manufacturing industry in our country. Then to overcome the disadvantage of the former models, this article selects the cash flow targets of the 40 ST corporations and the corresponding 40 non-ST corporations in 2007, 2006 and 2005, builds the new financial early-warning model by the multi-dimensional logistic regression method. Finally, the thesis conducts the research on financial early-warning system, and discusses its effective operational mechanism.