Which Characteristics Predict the Survival of Insolvent Firms? An SME Reorganization Prediction Model
用粗糙集和PART方法分析破产中小企业特征，发现仅用五个变量（行业、规模、持股数、资产回报率、现金比率）就能在司法程序前预测企业是重组还是清算，帮助降低延误和成本。
The negative impact of insolvency, especially in small and medium enterprises, informs the objective of this paper: to study the characteristics of bankrupt firms to achieve a preventive diagnosis for reorganization by means of artificial intelligence (AI) methodologies such as rough set and PART methods. The AI models obtained show not only the key variables to predict insolvency, but also their relations and the critical values. Using only five firm characteristics (sector, size, number of shareholdings, return on assets, and cash ratio), our model could reduce delays and costs, since it is able to predict which firms will undergo reorganization or liquidation before the legal procedure.