A Financial Distress Pre-warning Research On The Domestic Listed Companies In Shandong

With the development of the global economy, continuity assumption in tradition financial affairs theory is tottered, uncertainty that enterprises facing with has gradually been enhanced, so more and more attention have been paid on the financial condition of the enterprises by different market entities, and the great demand on the financial pre-warning seems to be more and more urgent. The domestic listed companies in Shandong Province has its unique geographical characteristics (economic, cultural, etc.) and its external operating environment, as a result, the financial distress pre-warning research for the Shandong ST domestic listed companies from 1998 to 2008 has relevance and theoretical significance.On writing arrangement, the thesis divides into six parts mainly. The first part is the introduction, which generally introduces the research background, research purpose and significance of this thesis, the research innovations, the research methods and paths, and then summarizes contents and construction of the thesis. The second part analyses the research ways of the financial distress pre-warning firstly, and then summarizes the financial distress pre-warning research models both home and abroad, especially generalize the domestic research in detail. On this basis, we clear the research methods and ways of our thesis. The third part is the basis of the empirical research. The main content of this part is that go deep into analyze the risks overview of special treatment domestic listed enterprises in Shandong Province and the reasons of why implement special treatment to the listed enterprises from 1998 to 2008. The result of the analysis indicates the fierce market competitions, the deteriorate operating environment, imperfect corporate governance structure, external security to bear the loss etc. are the main reasons of listed enterprises in Shandong province get caught into the financial distress. The four parts is the design of empirical research, which is the core part in the thesis, includes defining the financial Distress, to choose sample data, to choose and define the financial distress pre-warning variables. We analyze and choose the financial distress pre-warning indicators variables through descriptive statistics, mean equality test and the principal component analysis. The fifth part is the subject of our thesis. We will build the model the financial distress pre-warning of listed enterprises in Shandong province, and use the fisher analysis and Logit analysis to build models, and then compare and analyze the two empirical models. The sixth part is conclusion and suggestions, which sums up the main results of the whole research and put forward some suggestions, clarifies the innovative points, and makes discussions on the limits and future study directions of the research.