基于Z模型中小企业上市公司财务风险预警模型的研究摘要当前，随着越来越多的上市公司宣布破产重组，我国的上市公司市场呈现出较不稳定的状况。在此背景下，中小板市场由于其天生的劣势，财务的不稳定性，更是值得我们关注的焦点。中小板上市公司如何在市场中做好财务危机的预警，保障自己的财务安全，成为了其吸引投资者投资的重要因素。本文的研究目的在于，通过建立一个合理的财务预警模型，帮助中小板上市公司清楚的判断自身面临的财务状况，从而更好地方便管理层做出决策。文章在系统阐述的Z计分模型的基础上,有针对性地选取沪、深两地证券市场中小板共30家企业作为样本,对上市公司财务风险进行了实证分析。最后结合实证结果以及分析计算，提出更为适应我国中小板上市公司的新Z计分模型。研究表明，新Z模型更适应我国中小板市场的背景下上市公司的财务预警。关键词：中小板财务风险预警模型Z计分模型AbstractAtpresent,asmoreandmorelistedcompaniesdeclarebankruptcyandreorganization,themarketoflistedcompaniesinChinapresentsarelativelyunstablesituation.Inthiscontext,duetoitsinherentdisadvantageandfinancialinstability,thesmallandmedium-sizedboardmarketdeservesourattention.Howsmallandmedium-sizedlistedcompaniescanmakeearlywarningoffinancialcrisisinthemarketandprotecttheirownfinancialsecurityhasbecomeanimportantfactorinattractinginvestors.ThepurposeofthispaperistohelpthelistedcompanyoftheSMEBoardtoclearlyjudgeitsownfinancialsituationbyestablishingareasonablefinancialearlywarningmodel,soastobetterfacilitatethemanagementtomakedecisions.BasedontheZ-scoremodeldescribedsystematically,thearticletargeted30smallandmediumenterprisesintheShanghaiandShenzhenstockmarketsassamplestoempiricallyanalyzethefinancialrisksoflistedcompanies.Finally,combinedwiththeempiricalresultsandtheanalysisandcalculation,anewZscoremodelthatismoresuitableforChina'ssmallandmedium-sizedlistedcompanieswasproposed.ResearchshowsthatthenewZmodelismoresuitableforthefinancialearlywarningoflistedcompaniesinthecontextofChina'ssmallandmedium-sizedboardmarket.Keywords:SmallandMediumBoard,FinancialRiskEarlyWarningModel,ZScoreModel目录摘要………………………………………………………...
