Study on financial warning mode of listed medium & small enterprise in China

This paper takes the listed SME of which total stock issue is less than four hundred million in Shanghai and Shenzhen main board stock market of manufacturing industry as research object, selects 40 Special Treatment (ST) Enterprises and 40 Non- Special Treatment (Non-ST) Enterprises as samples, screens out the variable which has marked influence on financial crisis by T Test and factor analysis, so as to establish the Logistic model for discriminating listed SME financial crisis. Through the empirical analysis, this paper found the 12 index factors which can reflect profitability, debt paying ability, operating capacity and capital structure of listed companies, judge and forecast its financial crisis to establish an effective crisis early warning system for enterprises.