| The Twelfth Five-Year Guideline promotes the development of our science as wellas accelerates the change of economic development mode. The developing high-techListed Companies, which play an important role in the change of economicdevelopment mode, are regarded as the engine of our country reaching rapiddevelopment, steadily enhancing comprehensive national power and competitiveness.As the development and expansion of the developing high-tech Listed Companies, it isimportant that how the employers manage early-warning of the financing risk and takescientific and proper measures. So far, the domestic scholars are lack for the research ofearly-warning the financing risk model of the developing high-tech Listed Companies.Although some of the developing high-tech Listed Companies have realized theimportance of early-warning of the financing risk, referring the related materials, all ofthem are single variable risk models. Those can’t enough provide a prompt and accuratemeasuring tool for the financing risk of the developing high-tech Listed Companies.Therefore, based on analyzing the present situation and existing problems ofearly-warning financing risk of the developing high-tech listed companies in ourcountry, this paper builds an early-warning financing risk model to the developinghigh-tech Listed Companies warning financing risk, combining the developinghigh-tech Listed Companies financial indicators.First, this paper gives15primary early-warning financial indicators based on thefinancial analysis indicators issued by the Ministry of Finance. Secondly, choosing20ST companies and151non-ST companies which were listed on the Shenzhen StockExchange from2009to2010as modeling sample, using SPSS software to carry outfactor analysis of the early-warning financial indicators to the sample companies, weextracted on behalf of83.03％primary indicators information of common factors.Thirdly, using the fuzzy comprehensive evaluation method, we built T-2and T-1early-warning financing risk models for the developing high-tech Listed Companies.Among them, using statistical analysis, we build the corresponding indicators limits ofdifferent levels in this evaluation set, and establish the membership function, todetermine single factor evaluation matrix for the early-warning financial risk models;using order relations analysis, to determine the weights set for the early-warningfinancial risk model. Fourth, according to the financial data of ANHUI iFLYTEKlimited company in2009-2010, the T-2and T-1early-warning financing risk model was tested respectively, and proved that the model is effective.This paper deems that: based on the fuzzy comprehensive evaluation method, theconstructed T-2and T-1early-warning financing risk model is effective to thedeveloping high-tech Listed Companies. The model is able to provide early-warningfinancing risk information for T-2and T-1developing high-tech Listed Companies. |
