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首页> 外文期刊>Technological and Economic Development of Economy >THE PORTABILITY OF ALTMAN'S Z-SCORE MODEL TO PREDICTING CORPORATE FINANCIAL DISTRESS OF SLOVAK COMPANIES
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THE PORTABILITY OF ALTMAN'S Z-SCORE MODEL TO PREDICTING CORPORATE FINANCIAL DISTRESS OF SLOVAK COMPANIES

机译：ALTMAN Z-SCORE模型在预测斯洛伐克公司法人财务危机中的适用性

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摘要

The paper challenges the widespread use of Altman's bankruptcy formula known as the "Z-score model" in Slovak corporate practice and comes with the goal to verify its usability in the Slovak economic environment. To this end, a definition of financial distress is adopted that summarizes weaknesses of Slovak enterprises stemming particularly from liquidity drain and operating losses. The verification juxtaposes three variants of the Z-score model and assesses their prediction ability using a data set of Slovak enterprises for the period from 2009 until 2013. Both the original 1968 Z-score model and the revised 1983 Z-score devised for the US economic environment are compared with the Z-score model re-estimated to the Slovak data copying the methodological procedure of Altman. The results indicate that Altman's bankruptcy formula is portable into the Slovak economic conditions and useful for predicting financial difficulties in view of the adopted definition of financial distress. Altman's original and (especially the) revised formulation of the Z-score model are preferable if overall classification accuracy is the main interest. Finally, it is advisable to re-estimate the coefficients of the Z-score model if financially distressed enterprises are the focus and the goal is to classify distressed enterprises as best as possible.
机译：该论文挑战了在斯洛伐克公司实践中广泛使用的称为“ Z评分模型”的奥特曼破产公式，并旨在验证其在斯洛伐克经济环境中的可用性。为此，采用了财务困境的定义，该定义总结了斯洛伐克企业的弱点，特别是由于流动性流失和经营亏损所致。验证将Z评分模型的三个变体并置，并使用2009年至2013年期间的斯洛伐克企业数据集评估了它们的预测能力。最初的1968 Z评分模型和经过修订的1983 Z评分都是针对美国设计的。将经济环境与Z评分模型进行了比较，重新评估了斯洛伐克数据，复制了奥特曼的方法程序。结果表明，鉴于采用的财务困境定义，奥特曼的破产公式可移植到斯洛伐克的经济状况中，并有助于预测财务困难。如果总体分类的准确性是主要关注点，则最好使用Altman最初的（尤其是）Z评分模型的修订公式。最后，如果以财务困境的企业为重点，并且目标是尽可能地对不良企业进行分类，则建议重新估计Z评分模型的系数。

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