本文的目的是探讨:在ST公司中,哪些财务指标可以在公司陷入危机之前起到预测危机的作用。文章采用实证研究的方法,选取了40家ST公司,并对它们陷入危机前第三年的与现金流相关的财务指标进行分析。最后,我们得出了预测模型,并得出结论:现金流动负债比,现金债务总额比,总资产现金比率以及经营现金流出结构比率这四类指标对于公司在未来是否会陷入财务危机具有很强的预测能力。 The purpose of this paper is to explore what financial indicators can play a role in predicting a crisis before the company is in crisis. The article adopts an empirical research method, selects 40 ST companies, and analyzes the cash flow-related financial indicators in the third year before the crisis. Finally, we came up with a forecasting model and concluded that the four indicators of cash flow debt ratio, total cash debt ratio, cash ratio of total assets, and ratio of operating cash outflow structure are very strong for whether the company will fall into a financial crisis in the future. The predictive ability.