以市場價值反映建構財務危機預警模式-產業差異實證研究

A STUDY OF INDUSTRY DIFFERENCE ON FINANCIAL DISTRESS PRE-WARNING MODEL THROUGH CORPORATE MARKET VALUE REFLECTION

　　本文以市場價值反映之財務資訊建構上市食品業及光電業之財務危機預警模型，並加以比較產業別之差異。研究結果顯示：總資產報酬率、股東權益報酬率、營業利益佔實收資本比率及現金流量允當比率可作為區分上市食品業財務經營階段之參考指標；負債佔資產比率及總資產報酬率可作為區分上市光電業財務經營階段之參考指標。希冀建構之財務危機預警模式，可供投資者作為投資決策時之參考，進而使投資風險降低。

　　The purpose of this study is to construct a financial distress pre-warning model through corporate market value reflection for investors. The conclusions are as follows: Empirical analyses indicate that the return on total assets, return on common equity, operates profit to capital, and cash flow adequacy ratio are significant factors in discriminating financial stages of foodstuff industry. And we find the debt ratio and the return on total assets are significant factors in detecting financial stages of electrical industry.