A Research On The Financial Distress Based On Corporate Governance

Enterprise financial crisis early warning is the current theory of community and the practitioners of a hot issue. Current enterprises is in an increasingly competitive external environment,the the probability of financial crisis occurring is also gradually increasing.So for enterprise financial crisis early warning research is particularly urgent. Throughout the in current the financial crisis early warning of business there have been many new developments at now.,The introduction of non-financial information is one important aspect of that. Most of existing models are based on the financial early warning of financial information to corporate financial security early warning.They are lack of non-financial information in support of early warning,that makes the scope of early warning is not wide enough,Theoretical roots not go far enough. Therefore, it is necessary to non-financial information into the scope of the study.Enterprise is an open type of legal entity operating systems.Need take relationship between the financial organizations have been constantly with the "internal management and corporate governance,"To access and allocation of resources, keep the enterprise from continuing operations. Therefore, early warning of financial risks should not only take into account the risk of corporate resource allocation:Operational risks, Investment risk, financing risk. It should also consider the risks of corporate governance. This is the full consideration of the risks of the enterprise. In this point of view of the financial risk to establish a comprehensive early-warning model is the comprehensive, objective. Moreover, we know that the financial statements data are expost,it can not timely reflect the operations of enterprises, and financial data may be distorted through the earnings management to gloss over.that Will definitely affect the predictive power of financial risk. And it will be lack of analysis of what make enterprise into the causes of the financial crisis.This article attempts to corporate governance of the company's internal factors that affect the company as one of the underlying causes of that. Explore the corporate governance of listed companies the impact of the financial situation, Further systematic analysis of china's listed companies plunged into the deep-seated reasons for financial crisis.establish corporate governance based on the financial indicators and indicators for more effective early warning systems for financial crisis. And on this basis to find ways to improve the governance of listed companies, to suppress and to improve the situation of corporate financial.The past, scholars and researchers of enterprise financial crisis, most of them take the previous year's financial statements as starting. But the financial statements are merely a reflection of the final product of operating results, In fact business growth or a recession has a gradual change in the process of that. If drastic changes, or for too long will produce a corporate business risks.Most of the projecting enterprise crisis exclude the impact of business in the past operating history of that. Previous studies that there is an underlying assumption of this, that is the good or bad of financial situation of companies in this year with only the financial situation of the previous year related to that. This paper argues that the Company crisis is not only from the pre-crisis year, the financial position of the decision. But in the pre-crisis years, the results of that accumulated. ST system of China's listed companies due to the particularity of that. Listed companies is likely to "security" distort the financial statements for purposes.so the case based solely on the previous year's financial targets set up financial crisis early-warning model is not accurate enough. Two years of data may be a greater discrepancy Therefore, this paper attempts to take into account the time factor on the enterprise's financial crisis。Financial indicators in order to verify the time of the volatility of the financial crisis early-warning models.