Empirically Financial Crisis Research Based On China’s Manufacturing Listed Companies

China’s stock market has continually developed and improved for many years. The stipulation for special treatment was implemented in 1998, since when many companies have been specially treated because of financial crisis. Not only did the company hardly afford the loss caused by financial crisis, all the other stakeholders also had to suffer some loss. It’s easy to see that the financial crisis didn’t happen suddenly. We could find some signs of financial crisis before it took place.So we could take some steps to improve the financial situation so to prevent the occurrence of financial crisis and protect the investors’security of benefits.Specifically, this article chooses 606 manufacturing listed companies as research sample, among which 202 companies was specially treated because of financial crisis and 260 companies was family enterprises. An innovation of this article is to discuss whether the family enterprise and non-family enterprise have significant difference in financial performance, which means that this article tries to find whether the family enterprise and non-family enterprise have different financial crisis early-warning model. As to the sample index, this article considers both financial index and non-financial index. After preliminary choosing indexes, mean difference test will be conducted to delete the indexes which have no significant difference between financial crisis companies and non-financial crisis companies. Then the factor analysis should be conducted to eliminate the multicollinearity between the sample indexes. Finally the warning model of logistic regression will be established based on above sample companies and indexes. Based on the empirical coefficient, the family enterprise is less likely to be specially treated than non-family enterprise, but the difference between family enterprise and non-family enterprise is not empirically significant.