一、基于现金流量建立财务危机预警系统的必要性企业财务困境不仅是市场经济中的普遍现象,也是一个世界性的问题。上市公司存在的经营业绩危机及其所引发的潜在市场风险不容忽视。目前我国财务危机预警指标大多以基本的资产负债表和损益表中的财务比率为依据,但受财务信息失真影响,传统的财务危机预警的各个指标在经过各种人为因素调整之后,传统财务理论中的持续经营假设逐渐松动,企业面临的不确定性日益增大,企业因财务危机导致经营陷入困境甚至宣告破产的例子更是屡见不鲜。因此,寻找新的预警指标, I. The Necessity of Establishing Early Warning System of Financial Crisis Based on Cash Flow Enterprise financial distress is not only a common phenomenon in the market economy, but also a worldwide problem. The listed company’s operating performance crisis and its potential market risk can not be ignored. At present, most of the early warning indicators of financial crisis are based on the financial ratios in the basic balance sheet and income statement. However, due to the distortion of financial information, the traditional indicators of financial crisis early warning after various human factors adjustment, the traditional financial theory The continuing business hypothesis is gradually loosening, the enterprises are facing more and more uncertainties, and it is not uncommon for enterprises to run into difficulties or even to declare bankruptcy due to the financial crisis. Therefore, looking for new warning indicators,