本研究旨在探討將合併報表加入財務危機預警制度之研究,以民國89年至民國97年間發生財務危機之上市(櫃)公司,以財務比率加上公司治理變數,藉由母公司財務報表與合併財務報表所建構之財務危機預警模型,以其對財務危機之正確區別力高低,探討合併財務報表與母公司財務報表之相對財務危機預警的能力,及合併財務報表所提供之資訊內涵是否較優於母公司財務報表。研究之實證結果如下: 1.以民國89年至民國97年發生財務危機公司前一年財務報表建構之財務預警模型,合併財務報表財務危機之正確區別力並未優於母公司財務報表。 2.加入公司治理變數後,母公司與合併公司兩財務報表所建構之預警模式區別力都較僅財務比率建構之模型區別率相對提高。 3.以(民國94年)會計準則公報修訂後發生財務危機之公司作為測試樣本,驗證結果顯示,合併財務報表對發生財務危機之預測力並未優於母公司財務報表之預測力。
The purpose of the present study is to explore the financial distress model in terns of financial ratio and corporate governance based on both a parent company''s financial statements and a consolidated financial statements firm consolidated statement. The data is drawn from the database of Taiwan Economic Journal. The listed companies in Taiwan Stock Exchange with financial distress are selected during the period between year 2000 and year 2008. We attempt in turn to investigate the predictability of the financial distress models. The empirical evidences are as follows: 1. Te predictability of the financial distress model based the consolidated financial statement is not superior to that based on parent company’s statement. 2. With combining the corporate governance factor, the predictability of the models based on both a parent company''s financial statements and a consolidated financial statements firm consolidated statement are improved.