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Paper Information

Journal:   QUANTITATIVE RESEARCHES IN MANAGEMENT   WINTER 2014 , Volume 4 , Number 4; Page(s) 235 To 258.
 
Paper: 

THE FEASIBILITY ANALYSIS OF ZMIJEWSKI MODEL IN FINANCIAL DISTRESS PREDICTION OF ACCEPTED COMPANIES IN TEHRAN STOCK EXCHANGE (DURING 2001-2007)

 
 
Author(s):  AFSHARI ASADOLLAH, KHALIFE SAHAR
 
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Abstract: 

Commercial companies are obliged to response quickly against existence complexities at market because of ever-increasing environmental alternations and expedite competition. Investors, credit unions, analyzers, managers and etc are interested to understanding and evaluating the function of commercial Units. Undesirable financial status of these units, will damages to different groups, especially investors. Analyzing financial ratio such as evaluation of function of commercial units are included in order to suggestion the events before occurrence. A main part of Iranian Commercial Law is specialized for bankruptcy. By virtue of Article 412 "The merchant or commercial company would be bankruptcy because of stopping in funds payment". This stopping at funds payment in which undertakes by company is a sign of financial distress and the result of it may be bankruptcy of commercial unit. This matter will cause upset of shareholders from wasting their resources and remind the necessity of permanent forecasting of going concern of bankruptcy of companies. There are many models in order to forecast financial distress and bankruptcy of companies in which in this research has tried to analyzed using Zmijewski model, the exchange of credits of Tehran during 2001-till 2007. Consequent resulted from this research showed that there are meaningful relation between results from forecasting model and comparing it with reality; there are 99 percent meaningful relationship in confidence level. This confidence level, specially in related surveys related to information of one year before the base year that the research was considered, recites confidence of model in forecasting affair.

 
Keyword(s): ZMIJEWSKI MODEL, FINANCIAL DISTRESS, ARTICLE 412 OF IRANIAN COMMERCIAL LAW
 
References: 
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