盈余管理丶公司治理与财务预警模型之建构.pdf

Review of Financial Risk Management 1 96 1-40 * Earnings Management, Corporate Governance, and the Construction of Financial Warning Models 96.02.01 96.06.04 Hsinan Hsu Hou Ou-Yang Deoartment of Finance, Feng Chia University Department of Business Administration, Kun Shan University of Technology Ching Fang Chen Department of Finance, Southern Taiwan University of Technology 63 12619982004 Logistic AUC 95.2% 84.1% 71.4% JEL G32, G33 * ** E-mail: James1200@.tw 2 96 9 Abstract In contrast to the traditional modeling of financial distress in the firm level using only accounting variables in financial statements, this paper uses accounting information, corporate governance variables, and earnings management index to construct models for business financial distress. A sample of 63 companies of financial distress and 126 healthy companies, during the period 1998-2004, for matching is used in the analysis. We construct 7 warning models for financial distress, and then use the logistic regression to examine the effects of accounting information, corporate governance variables, and earnings management index on the predictive power of financial distress. The results show that the financial early