Altman’s Z-Score模型在企业风险管理中的应用研究

A Research of the Application of Altman's Z-Score Model in Enterprise Risk Management

随着市场竞争的加剧,信息化、高科技化进程的加快,企业决策难度、经营成本和收益的波动增大,企业风险管理彰显出重要性。笔者通过对沪、深证券交易所2007年～2009年暂停上市或终止上市的32家公司的Z值分析,认为用Altman’s Z-Score模型预测企业风险是有效的。根据对Altman’s Z-Score模型组成变量的比较分析,笔者提出了企业防范风险的有关措施。

With the intense market competition, the acceleration of information technology and high - teeh, the strong fluctuations in corporate decision, operating costs and revenue, enterprise risk management becomes more and more important. Through analyzing the Z - score of thirty - two companies in Shanghai and Shenzhen Stock Exchange which suffered suspension of listing or delisting during 2007 ~ 2009, the author holds that the use of Altmang Z - Score model in predicting enterprise risk is effective. Based on the compara- tive analysis of the composition variables of Airman＇ s Z - score model, the author puts forward a number of measures for enterprises to prevent risks.