中文摘要：

企业的集团化经营特征将会对财务困境风险产生重要的影响．在分析集团化经营企业财务风险特征的基础上，考虑集团内部交叉持股复杂度、关联交易程度和相互担保程度对集团化经营企业财务状况的影响，使用KMV模型计算集团化经营企业的违约距离，构建了全新的集团化经营企业财务困境预警的评价体系．并运用Logistic回归模型对集团化经营企业财务困境进行预警．实证结果表明该指标体系与模型具有可行性和有效性．

英文摘要：

Enterprise collectivization management features will have an important influence to the risk of financial distress. Based on the analysis of the collectivized business enterprise financial risk characteristics, internal cross-ownership complexity degree, associated trade and mutual guarantee degree is considered about the influence on collectivize management enter- prise financial risk. the KMV model is then used to calculate default distance of collectivization management enterprise, to build a financial early-warning evaluation system. Logistic regression model is then applied to simulate the collectivization management enterprise financial distress early warning. The empirical results show the feasibility and validity of the model.