A Study on Delisting Risk Warning of Listed Companies in China Based on Logistic Model

40 ST companies and 40 healthy listed companies from 2003 to 2019, in the same industry, the same year and similar scale were selected as samples. This paper analyzes relevant factors of delisting risk of listed companies from six aspects of profitability, solvency, operation ability, growth ability, cash flow ability and corporate governance, and then selects 37 risk indicators indicating delisting risk of listed companies in China. Finally, with the help of principal component analysis, the indicators are simplified and the early-warning model of delisting risk based on logistic regression model is constructed.