以公司治理觀點建構上市建築開發業財務危機預警模型之研究

A Study of Constructing the Financial Distress Alerting Model for Listed Real Estate Development Companies in the Perspective of Corporate Governance

徐清俊(Ching-Jun Hsu) ； 莊萬吉(Wan-Ji Jhuang)

《明道學術論壇》 3卷2期 (2007/12) Pp. 61-79

https://doi.org/10.6953/MJ.200712.0061

摘要

建築開發公司財務危機預警制度一直是許多人重視探討的問題。傳統的財務危機預警模型都是用財務變數來建構，本研究除了考慮財務變數之外，同時採用最近研究中所指出對財務危機具有影響的公司治理變數來構建預警模型，以改善目前通行之財務危機預警制度，研究發現邏吉斯模型建構加入「公司治理」變數可有效區分出臺灣建築開發業財務危機公司與正常公司，因此，有助於投資人、債權人、貸款銀行、公司管理者與稽核專員，來偵查及預防舞弊，進而提早預警上市公司的財務危機事件發生。

關鍵字

建築開發業 ； 財務危機預警模式 ； 公司治理

並列摘要

The importance of forecasting financial crisis, against private real estate companies, has been emphasized. While traditional studies utilized financial ratios to construct financial distress alerting models, this study intends to construct an alternative model with financial factors as well as an additional factor of corporate governance, which significantly affects the extent of financial distress. By combining the information of financial and corporate factors, this study explores a corporate governance variable which may improve the weaknesses of traditional alerting models. The study reveals that logistic model could learn from the data of bankrupt corporations and a matched group of survivor firms and hence foresees the happening of financial distress.

並列關鍵字

Real Estate Development Industry ； Financial Distress Alerting ； Corporate Governance