The Study on Corporate Financial Distress Forecasting Model- An Application of Dynamic Distress Threshold Value
碩士 === 朝陽科技大學 === 財務金融系 === 105 === In the present study, we constructed a financial distress prediction model on the basis of a set of financial ratios, corporate governance variables and intellectual capital. We took sales per employee, per employee equipment, operating expense ratio and sales gro...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2017
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| Online Access: | http://ndltd.ncl.edu.tw/handle/3hu7n9 |
| Summary: | 碩士 === 朝陽科技大學 === 財務金融系 === 105 === In the present study, we constructed a financial distress prediction model on the basis of a set of financial ratios, corporate governance variables and intellectual capital. We took sales per employee, per employee equipment, operating expense ratio and sales growth ratio as the proxies of intellectual capitals. This paper obtained 18 financially distressed electronics firms and 36 regular firms which listed in Taiwan Stock Exchange and over the counter during the periods from 2012 to 2015. Instead of the general one-half criteria (the probability of success is 0.5), we adopted the criteria of the dynamic distress threshold value to improve the prediction accuracy or reduce the prediction error of the model. The empirical results show that mostly the total prediction accuracy and error based on the dynamic distress threshold value is higher and lower than those of the general threshold value of 0.5, respectively. By adding the intellectual capital, we could improve the prediction accuracy and reduce the prediction error of the model.
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