The Test of Enterprise Finance in Crisis Periods

論文翻譯標題: 企業財務在危機期間之測試模型
  • 何 昱儒

學生論文: Master's Thesis


The main issue of this research is to test which the indicators can explain the probability of distress of firms during financial crisis This research focus on three indicators: accounting indicators market indicators economic indicators The results are different controlling economic factors between Dot-com Crush and Financial Crisis of 2008 with European Debt Crisis This research finds; First using quick ratio to weight the liquidation the firms can not meet their debt obligation in a short period will more likely to distress Second Market-driven variables are important factors in financial crisis of 2007-2008 with European debt crisis for distress test model Third model has better goodness of fit in accounting data That is information in financial statement capture the condition in crisis more appropriate than immediate information Forth in dot-com crush the industriral concentration affect the result The results are significant in accounting indicators when the data contains all general industry will decrease the significance Moreover in Financial crisis of subprime mortgage with European Debt Crisis the results are significant no matter the indicators is accounting or market That is government should observe both accounting indicators and market indicator to control the risk in a wide-range-financial crisis that affect all industries Besides economic condition will accelerate distress in wide-range- crisis Consequently government should also take account of economic data for crisis that affect all industries
獎項日期2017 6月 22
監督員Shao-Huai Liang (Supervisor)