第四章-财务报表分析.pptVIP

Altman Z-score(2-2) Z—Score模型判別函數為： Z = 1.2X1 + 1.4X2 + 3.3X3 + 0.6X4 + 0.999X5 Z 1.81 非常高 1.81Z2.99 無法決定 Z 2.99 不可能 X1=營運資金／資產總額 X2=保留盈餘／資產總額 X3=息前稅前淨利／資產總額。即EBIT／資產總額 X4=股東權益的市場價值總額／負債總額 X5=銷售收入／資產總額，即總資產周轉率 * Altman Z-score 範例－華碩 * 2357 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 流動資產 30,849,455 40,470,420 49,146,937 64,603,000 73,398,920 92,754,552 122,978,311 189,507,125 295,847,530 301,734,225 270,276,158 流動負債 4,583,356 6,301,475 9,170,188 13,374,565 27,542,095 47,722,292 63,478,439 111,163,620 206,