本文係建立臺灣上市櫃企業財務預警模型(Financial Early-Warning Models)，以財務比率與公司治理為自變數，找出影響公司發生財務危機之顯著變數，計算勝算比率(Odds Ratio)，提供管理者及時規劃最適當，提出最有利的風險管理(Risk Management)與營運策略。實證結果發現，預測企業財務危機以財務比率變數及公司治理變數為主；企業營運策略前三年宜先行降低利息保障倍數、利息支出率、現金再投資比率，提高現金流量允當比率、每股現金流量及設置獨立董監事；前二年宜避免更換會計師、提高現金流量允當比率、每股盈餘、每股現金流量、及設置獨立董監事；前一年宜提高稅前淨利率，降低稅後淨利率、內部保留比率及避免更換會計師等，公司愈不容易發生財務危機。
實證價值與管理涵義，發現設置獨立董監事與避免更換會計師，重視內部與外部監控(Intersider and Outsider Monitoring)為提高公司治理能力之最重要因素。
The purpose of this paper wants to establish the Taiwan Enterprises financial Early-Warning Models, in addition to the use of the company's financial information variable analysis, and joined the corporate governance variables as explanatory variables to predict in advance the company's financial distress possible. The study found the Financial Early-Warning Models to explain the financial ratio variables and the corporate governance variables; can lower the likelihood of financial distress. The results provide investors with reference to financial institutions, government agencies and other academic research and investment strategy and stock selection decision analysis, to reduce the credit risk of financial institutions, the financial crisis, the company's potential to achieve effective advance warning and risk management.
