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企业财务状况的恶化是一个循序渐进的过程,在危机的不同阶段会表现出很强的阶段性特征。本文在企业财务危机的发展过程划分为三个阶段(即潜伏阶段、发展阶段、困境阶段)的基础上,构建了能够反映企业财务危机阶段性特征的20个财务与非财务指标,对2010年因财务状况异常而被特别处理但05-09年未有特别处理记录的全部A股上市公司进行了实证分析。实证研究结果表明:因财务状况被特别处理的上市公司在被特别处理前5年具有很强的阶段性特征。
Deterioration of the financial position of a business is a gradual process that shows strong stage characteristics at different stages of a crisis. This paper builds up 20 financial and non-financial indicators that can reflect the stage characteristics of the financial crisis on the basis of the three stages of the development process of corporate financial crisis (ie latent stage, development stage, predicament stage) Empirical analysis was conducted on all A-share listed companies that were specially treated due to abnormal financial status but did not record any special treatment in 2005-09. The results of empirical research show that the listed companies that have been specially treated due to their financial status have strong stage characteristics in the five years before special treatment.