Do auditors' opinions, industry factors and macroeco(8)

财务危机预警文献,仅供学习研究

macroeconomic factors have incremental value beyond financial ratios in predicting bankruptcy, but also they contain incremental information beyond one another. Findings of this study emphasize the importance of taking into account the unique economic environment in developing bankruptcy prediction model. 2. Sample and Data

Balse Committee on Banking Supervision (2001) indicates that the definition of financial distress includes all events that will result in credit loss of stake-holders. Thus, this study recognizes as financial distress all such events including: equity per share less than 5 NT dollars, delisting firms, reorganization, governmental financial supports, embezzlement, negative book value of equity, termination of operation due to economic recession, chairman of board with checks bounced, firm with checks bounced, emergent collection from bank, trading intermitted by stock exchanges due to insolvency.

The sample employed in this study is Taiwan public listed companies as of July 2006. Financial industry is excluded due to its different industrial nature. We also exclude firms with insufficient data. Our study period spans from 1987 to July of 2006, with 1987-2004 as training period, and 2005- July of 2006 as test period. Our training sample consists of 187 bankrupt firms (3,084 firm-year observations), and 1,475 nonbankrupt firms (14,047 firm-year observations). Our test sample is composed of 28 bankrupt firms (56 firm-year observations), and 1,486 nonbankrupt

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