Research On The Chinese Knowledge-based Listed Enterprises' Financial Risk Early-warning

With the era of knowledge economy comes, Our listed knowledge-based companies have developed rapidly, under the combined effect of domestic and international market environment, and become an important force in the development of the national economy. As a new organization, Knowledge-based enterprises are facing greater risk and higher failure rate than the traditional enterprises on the operational mode, management, profit model, and so on. By analyzing the growth trajectory and the fail of Our listed knowledge-based companies, we can find out that the main reason of many of Our listed knowledge-based enterprises had faced with failure, has a certain theoretical and practical significance. Therefore, in this paper we choose Our listed knowledge-based companies as the subject of study, by delving the cause of the financial risk, to build a financial risk early warning model for Our listed knowledge-based companies in order to warning the financial risk. This paper has the following parts:Firstly, summarizing the relevant researches on knowledge-based enterprises, financial risk warning, financial risk early warning theory and models, and to define of the knowledge-based enterprises, financial risk and so on;Secondly, analyzing the current development and the factors of Our listed knowledge-based companies;Thirdly, building the financial risk early warning system by choosing a more mature financial risk early warning model, of which we have selected solvency, profitability, operational capacity, cash flow, growth capacity on financial metrics; and the ownership structure, management agent, CPA's opinion, and market risk in non-financial indicators.Fourth, analyzing and modeling empirically the sample that 30 Our Listed Knowledge-based enterprises(1: 1 pairing) in Shenzhen and Shanghai are selected. And we have extracted common factor with factor analysis to obtain component score coefficient matrix, and build predictive models and divide the interval warning, then we have selected 20 companies in Shanghai and Shenzhen as the test sample to test the model. From the predicted results, financial risk early warning model in this paper can be used to predict financial risk of the enterprise;In conclusion, in this paper we propose the advice to prevent financial risks in many ways such as enhancing financial risk ability, increasing corporate governance, improving company's survival environment and enterprise coping mechanisms and so on.