Financial Crisis, China's Listed Companies' Financial Early Warning Research

Marching into the 21th century, economic globalization is becoming a kind of trend. The subprime crisis which originated in America's in 2006, has evolved over the global financial crisis now. The existence and development of the enterprise group have to face the unprecedented challenge and huge competition pressures. The enterprise sink into predicament because of the finance crisis, even bankrupt is also a common phenomenon. The requirements of all relevant stakeholders in China's securities market which about how to analyze financial information effectively and rationally and forecast financial difficulties of exchange-listed firms timely and accurately have become more and more intense. In this context, this paper researches the financial early-warning, which is supposed to have theoretical as well as realistic significance.By using some research approaches, such as Theoretical Analysis Method, normative approach, positive law, and the model of Z-score model, which is proposed by Altman, an American scholar, this article first shows a result of a Real-Evidence research on the impact on our A-share listed companies'financial situation caused by Financial Crisis, then it analyses, summerizes and evaluates the process and the result. At the end of the article, it puts forward some policies and suggestions on the establishment of the system on enterprise financial risk monitoring and early-warning system that adjusted to our practical situation. The result shows that the Financial Crisis has a somehow negative influence on our listed companies, especially on Real Estates, Construction Industry, and Social Services. At the same time, the criterion of Z-score model is not entirely appropriate for our listed company.The research conclusion of this essay is to provide consistent evidence of our listed companies'financial risks in the context of the international financial crisis, and has some application value on the construction of financial early-warming system. And I hope my advise can serve as a modest spur to induce someone to come forward with his valuable contributions, and has a positive effect on the development on financial early-warning system, and then cause theoretical circles on the financial early-warning issue.