本篇的研究主旨為探討企業在國際爆發危機期間內發生危機事件之機率和各指標間的關聯，本研究將研究包含會計變數、市場變數並加入經濟變數等三種方向討論企業財務控制經濟因子下在泡沫經濟及2008年金融風暴到歐債危機期間的影響。

結果總結如下 : 其一，本研究以速動比率衡量流動性，在兩段期間內結果皆呈現企業在短期內無法應付流動需求則發生危機事件可能性更高;其二，在危機模型中次貸與歐債事件期間的市場變數較為顯著。其三，在模型配適度上，會計變數的表現較好，亦即財務報表資訊比當時的市場資訊更能完整顯示危機期間的狀態;其四，在網路泡沫期間發生危機的公司具有產業集中性，會計變數較為顯著，納入過多的一般產業將使得顯著程度下降，另一方面，在次貸危機及歐債危機期間，發生危機的公司為大規模的隨機發生，不論會計變數或市場變數皆顯著。因此，建議企業控制風險時，若危機類型屬於大範圍並為隨機企業，經濟情況可能增強危機事件發生可能性，需同時參考會計變數及市場變數，若危機類型屬於小範圍並有特定群組之企業可參考會計變數。

The main issue of this research is to test which the indicators can explain the probability of distress of firms during financial crisis. This research focus on three indicators: accounting indicators, market indicators, economic indicators. The results are different controlling economic factors between Dot-com Crush and Financial Crisis of 2008 with European Debt Crisis.

This research finds; First, using quick ratio to weight the liquidation the firms can not meet their debt obligation in a short period will more likely to distress. Second, Market-driven variables are important factors in financial crisis of 2007-2008 with European debt crisis for distress test model. Third, model has better goodness of fit in accounting data. That is, information in financial statement capture the condition in crisis more appropriate than immediate information. Forth, in dot-com crush, the industriral concentration affect the result. The results are significant in accounting indicators when the data contains all general industry will decrease the significance. Moreover, in Financial crisis of subprime mortgage with European Debt Crisis, the results are significant no matter the indicators is accounting or market. That is, government should observe both accounting indicators and market indicator to control the risk in a wide-range-financial crisis that affect all industries. Besides, economic condition will accelerate distress in wide-range- crisis. Consequently, government should also take account of economic data for crisis that affect all industries.

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