Study On Financial Crisis Early-Warning Of Listed Companies On SME Board Of Shenzhen Stock Exchange

With the fast development of Chinese market economy and stock market, the quality of SME Board enterprise increased from 8 to 274. On one side, SME board solved enterprises'financing problem roughly, improved the management structure, and made enterprises development faster. On the other side, it attracted more small and middle enterprises to the stock market. To now, with the high development capacity, SME board stock index once exceeded Shanghai and Shenzhen stock index during the past 4 years. The profit increasing and paying capacity gave investors and governors high confidence. However, due to the small size, short development period of SME board, as well as difficult assets and performance evaluation method, It's easier to occur finance sham, internal exchange, operating market, etc compared with main board stock market. It's hard for governors to supervise. How to inspect SME board enterprises finance and operation situation, avoid and prevent finance crisis in future becomes the important and emergent issues for theory and practice groups.On the base of summarizing and reviewing the domestic and foreign financial crisis early-warning research, chose the representative early-warning models and making contrast analysis. Considering the actual situation and market of companies on small and medium-sized enterprises board, examined the financial status of listed companies by available early-warning models, got demonstration result. Analyzed influence factors of listed companies early-warning by various view. Analyzed the result by the ways of theory and demonstration.Together with the actual situation, brought forward the improvement strategy for listed companies early-warning issues.As an essential preparation for latter each chapters, the article summarized research background, objective and meaning, research methods and frame firstly, main innovation points description. Then made some comment on available early-warning models, including the merit and the scarcity. Contrastively analyzed all kinds of early-warning analysis models.The third part is research frame of financial early-warning.Including financial crisis theory review, definition of financial crisis, company financial crisis character and cause of formation of company financial crisis.Fourthly, through revealing the finance problem that existed in SME board companies and finance crisis premonition analysis, indicated that it's necessary for SME board companies to set up finance crisis early-warning system. Demonstration part chose the research objective, made Univariate and Multiple Discriminant models analysis. In Multiple Discriminant models analysis, examined listed companies financial status by four early-warning models. Base on target and model aspects, analyzed the cause of formation for different results.Fifthly, take SME board problem companyas as case analysis object, reveal the finance problem which existed in SME board.It also supported my point of view that put forward in the fourth and fifth chapters.Sixthly, on base of demonstration analysis brought forward the improvement strategy for listed companies'early-warning issues. Last part is conclusion and expectation of whole-length content.