| Summary: | 碩士 === 國立高雄第一科技大學 === 金融營運所 === 97 === The thesis aims to prove speculative stocks are able to be identified according to the companies’ financial statements and corporate government. The object of the study is the listed and OTC companies in Taiwan . Financial statements from January 2000 to December 2008 allow the author to choose 14 companies in financial crisis, and each company is paired up with two other companies with similar industry, respectively. Then, 18 ratios are picked from its previous financial statements and TEJ corporate government data base when financial crisis approaches.
With those ratios, Mann-Whitney U-test and t-test is used as the analysis tools, and its factors include financial structures, debt repayment capacity, management capability, earning power, cash flow and corporate government. A company is in financial distress if its financial ratios differ from its two paired companies’ greatly. The assumption is proved and shows that 7 ratios of a suffered company have huge differences from its paired companies’, including high liability ratio, poor short-term liquidity, low turnover ratios, and poor earning power. Those ratios work as the indicators of an upcoming financial crisis hitting a company. Among the factors, earning power and management capability are the two best indicators of a company’s potential financial crisis. Among the corporate governance factors, the shares ratio by shareholders has a significant positive correlation with the possibility of company’s financial distress.
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