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The application of the Altman Z-Score in the assessment of the business model of the company

100%
Łęgowik-Świącik S.
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
|
2017
|
issue 474
85-94
EN
In the paper, there has been discussed the problem of adaptability of the instruments of management accounting to the assessment of the business model of the company, while indicating their impact on the management process in the area of efficiency of the selected company of the cement sector. The aim of the paper is to learn the possibilities and validity of the application of discriminant analysis in the form of Altman model and interdependence analysis expressed with Pearson’s correlation coefficient to assess the business model implemented in the surveyed company. The research methods applied to achieve the objective are: critical analysis of literature, descriptive analysis, trend analysis, Altman model and Pearson’s correlation coefficient as well as case study. The research period is the years 2005– –2015. The problem of adaptability of the instruments of management accounting for the assessment of the business model of the company is important and up-to-date due to its impact on decision-making processes in the area of efficiency of enterprises.
2

The Use of Structural Equation Modelling to Select Financial Indicators for a Bankruptcy-prediction Model

63%
Pawełek B., Pociecha J.
Argumenta Oeconomica Cracoviensia
|
2015
|
issue 12
9-25
EN
The classical tool of bankruptcy prediction is the multivariate discriminant Altman model. The aim of this paper is to present a proposal for the use of structural equation modelling (SEM) to select financial indicators for an Altman-type bankruptcy prediction model. Financial factors, as diagnostic variables in bankruptcy prediction models, are not in fact directly measurable variables, and they ought to be recognised as latent variables described by various measured financial indicators. So it is possible to use a structural equation modelling (SEM) approach for this purpose. A path diagram in terms of SEM for the Altman model is presented. Based on this diagram, three variants of SEM models for the general Altman model are estimated. The essential problem tackled in this paper is how to appropriately select non-bankrupt firms. Matching pair sample selection methods are applied. The non-bankrupt firms are from the same branch of industry and are similar in size. The major objective of our methodological proposal to use a general SEM model to study corporate bankruptcy is to overcome the difficulties in the modelling of bankruptcy risk through the use of previously-applied methods.
PL
Klasycznym narzędziem prognozowania bankructwa jest model Altmana w postaci wielowymiarowej funkcji dyskryminacyjnej. Celem pracy jest przedstawienie propozycji wykorzystania modeli równań strukturalnych (SEM) do wyboru wskaźników finansowych predykcji bankructwa w modelu typu Altmana. Czynniki finansowe, jako zmienne diagnostyczne w modelach prognozowania bankructwa, nie są zmiennymi bezpośrednio i jednoznacznie mierzalnymi, mogą więc być traktowane jako zmienne ukryte, opisywane przez różnie definiowane wskaźniki finansowe. Możliwe jest zatem wykorzystanie metodologii SEM. W pracy przedstawiono wykres ścieżkowy, w kategoriach SEM, dla modelu Altmana. Wychodząc od tego diagramu, zaproponowano trzy warianty SEM dla uogólnionego modelu Altmana, estymując ich parametry. Głównym problemem rozważanym w pracy jest właściwy wybór firm niebankrutów do próby bankrutów. Zastosowano tutaj metodę parowania, wybierając firmy z tej samej branży i podobnej wielkości. Przedstawiona propozycja wykorzystania modeli równań strukturalnych do badania bankructwa firm pozwala przezwyciężyć trudności modelowania ryzyka bankructwa, jakie pojawiają się przy stosowaniu dotychczasowych metod.
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