With the gradual advancement of market economy and the development of capital market in China, enterprises fall in crisis because of financial risk, even bankrupt in recent years. As marketing competition becomes gradually vigorous, financial management faces more complexity. Various benefit correlations rise great need to warn early the financial crisis. With the foreign and domestic related study advanced deeply, the pure traditional financial indicators early-warning financial crisis model couldn't satisfy the gradually complexity of company management. In this paper, combined with the reality of China and based on the traditional financial indicators, the writer adds management indicators to build the early-warning financial crisis model.In order to build the effective early-warning model, after studied the management effect on financial risk, the writer selects eight management indicators and twenty- four financial indicators. Secondly, the writer studies the data characteristic of all indicators of sample companies. Thirdly, the writer selects the non-parametric method to test significant differences of thirty-two indicators between the financial crisis company and the non-financial crisis company, and selects the indicators which have remarkable contribution to the model. Then, the writer uses Factor Analysis to reduce indicators and avoid the multi-collinear influence, and selects several variables as the initial variable to build the model. Finaly, the writer uses the logistic regression analysis to build two models, one is pure financial indicators model, and another one is added management indicators model.The empirical results indicate that the added management indicators model enhances the predicting accuracy compared with the pure financial indicators model, which have the certain application value to predict the financial crisis of Chinese listed companies. |