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The Warning of the Listed Company According to the Market Quality Indexes.doc

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The Warning of the Listed Company According to the Market Quality Indexes 　　[a]Shijiazhuang University of Economics， Shijiazhuang， China. 　　[b]School of Management， the University of Shanghai for Science and Technology， Shanghai， China. 　　*Corresponding author. 　　Supported by National Natural Science Foundation of China ； Doctoral Foundation of China （20070252002）； Shanghai Key Discipline Project （S30504）. 　　Received 12 February 2014； accepted 22 July 2014 　　Published online 15 September 2014 　　Abstract 　　All listed companies in the Shanghai Stock Exchange in 2008 were ranked according to the total market capitalization， the revenue and the net profit. The countdown 100 listed companies were a class. The random extraction 100 listed companies were a class. The probability warning model of the market quality for the listed companies was established by the two types companies as categorical dependent variables and the price impacting index and the excess volatility rate as the independent variables that were selected among 11 market quality indexes by forward stepwise method. When the probability value was greater than 0.5， the market quality of the listed company will be warned. On the contrary， the listed company was excellent in the market quality. The accuracy rate of the model was 87.7%. 　　Key words： Price impacting index； Excess volatility rate； Likelihood value； Forward stepwise method； Logistic regression model 　　Li， X. L.， Sun， S. R. （2014）. The Warning of the Listed Company According to the Market Quality Indexes . Management Science and Engineering， 8（3）， -0. Available from： URL： http：///index.php/mse/article/view/5543 　　DOI： http：///10.3968/5543 　　INTRODUCTION 　　The company’s business failure is manifested directly in financial difficulties in the real economic world. So the most academic defines the enterprise failure from a financial point. Camiched （1972） considered the company failure was the fulfilling enterprise business w