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The recent studies on financial distress are mostly confined to static econometric or statistical methods based on cross-sectional financial data ,and it is ignored that the variation of companies' financial status is a dynamic process. In order to show the change of companies in financial position, this study constructed the financial distress prediction model based on panel logit. On the selection of variables,we select not only financial ratios,but also indexes on ownership concentration, corporate governance and audit opinion. Empirical results indicate that the probabilistic predictions generated by the panel logit model can provide a measure of the company's financial position . |
