基于Z_score模型的国有公司财务分析.pdfVIP

31 15 武 汉 理 工 大 学 学 报 Vol. 31 No. 15 2009 8 JOURNAL OF WUHAN UNIVERSITY OF TECHNOLOGY Aug. 2009 DOI: 10. 3963/ j. issn. 2009. 15. 039 Zscore 张楚堂, 杨志强 ( , 430070) : 随着央企从分拆上市到整体上市的政策转变, 对牵涉到的国有企业进行财务分析变得异常 要文中从探讨 Zs ore 模型对我国国有上市公司的适用性出发, 通过主成分分析 新萃取更合适的指标对模型进行修正, 并在此基础 上, 通过 一个虚拟变量, 构建了一个多元线形回归模型, 以更深入地分析国有企业财务状况 : Zs ore 模型; 国有上市公司; 财务分析 : F 234. 4 : A : 2009) 150 14505 Analysis of t e Stateowned Enterprises Financial Situation Based on t e Zscore Model ZHAN G Chutang, YANG Zhiqiang ( S hool of Management, Wuhan Universit y of T e hnology, Wuhan 430070, China) Abstract: With the market split from the entral level to the overall listing of the poli y hange, the finan ial analysis of the stateowned enterprises involved be ome very important. Based on Zs ore of China s stateowned model of the appli ability of listed ompanies, t hrough prin ipal omponent analysis to extra t a more appropriate indi ator of the model, and on that basis, through a dummy variable, onstru ted a multi linear regression model, to make a more indepth analysis of the stateowned en terprise s finan ial situation. Key words: Zs ore model; stateow ned listed ompanies; finan ial analysis 2006 12 ( 200697 ) , , [ 1] , , , Zs ore 1 Zscore 1. 1 Zscore [ 2] Zs ore , 22 , Z = 1. 2X + 1. 4X + 3. 3X + 0. 6X + 0. 99X 1 2 3 4 5 X 1 = / = ( - )/ X2 = / = ( - )/ : : ( 1956) , , . Email: z t 1111@sina. om