The Introduction Of Non-financial Indicators Listed Companies' Financial Crisis Early Warning Research

With the increasingly fierce market competition, the companies may face the risk of financial crisis at any time. Therefore, to build a complete and accurate early warning indicator system of financial crisis and a strong financial crisis prediction model has very important significance for whether the various investors in the stock market or the company's management.In the past, many studies are more inclined to build a simple model of financial indicators, but many non-financial factors also have significant impacts to financial crises, it can completely introduce the variable of non-financial indicators to the construction of the financial crisis prediction model. Therefore, this indicator system will be introduced in the ownership structure, corporate governance, major issues, and other non-financial indicators, with the financial indicators to build the integrated early warning system model, so that the early warning indicator system will be more completely.This article firstly introduces the definition of financial crisis, domestic and international research on the financial crisis early warning, and the researches of non-financial indicators used in financial crisis at home and abroad. Then through the selection criteria of early warning indicators, sample and matched sample, we select 16 financial indicators and 15 non-financial indicators, and analysis the impossible influence of the various indicators from the financial aspects, and then we select 88 ST companies as samples and 88 non-ST companies as matching samples. Finally, we establish the early warning model of pure financial indicators and comprehensive early warning model of introducing the non-financial indicators based on Logistic regression method and Fisher discriminant analysis method respectively, then introduce the combination warning thought to build the model, compare and analysis the models of financial crisis and test the models at last. The results show that after introducing the non-financial indicators, the capability of the early warning model have indeed improved.