ãäå
Ê1 = îáîðîòíûé êàïèòàë/ñóììà àêòèâîâ;
Ê2 = ïðèáûëü îò ðåàëèçàöèè/ñóììà àêòèâîâ;
Ê3 = íåðàñïðåäåëåííàÿ ïðèáûëü/ ñóììà àêòèâîâ;
Ê4 = ðûíî÷íàÿ ñòîèìîñòü ñîáñòâåííîãî êàïèòàëà/çàåìíûé êàïèòàë.
Ïðè Z<0.037 – âûñîêàÿ âåðîÿòíîñòü áàíêðîòñòâà.
Ìîäåëü ×åññåðà:
ãäå
(3.7)
Ê1 = áûñòðîðåàëèçóåìûå àêòèâû/ñóììà àêòèâîâ;
Ê2 = îáúåì ïðîäàæ/ áûñòðîðåàëèçóåìûå àêòèâû;
Ê3 = âàëîâàÿ ïðèáûëü/ ñóììà àêòèâîâ;
Ê4 = çàåìíûé êàïèòàë / ñóììà àêòèâîâ;
Ê5 = îñíîâíîé êàïèòàë / ÷èñòûå àêòèâû;
Ê6 = îáîðîòíûé êàïèòàë / îáúåì ïðîäàæ.
Ïðè P>0.5 – âûñîêàÿ âåðîÿòíîñòü áàíêðîòñòâà.
