由管理的觀點，從公司最重要的投資活動、融資活動及營運活動進行財務比率變數的選取，觀察公司在發生財務危機前的財務困難時期，會經歷哪些變化。研究樣本是蒐集在民國80年至90年，上市公司中發生財務危機的公司。『財務危機公司』的定義為『上市公司的股票經台灣證券交易所令變更為全額交割股者，以及宣布破產、發生跳票或暫停交易之上市公司』。資料來源為為上市公司公開說明書和台灣經濟新報社的財務資料庫。
本研究會使用兩群體均數檢定，瞭解「危機公司」與「非危機公司」這兩個群體，在發生財務危機前五年到前一年間，在各項財務比率變數、管理品質變數上，是否具有顯著的差異。使用Lambda係數找出對「發生財務危機」這個依變數有預測能力的自變數，採用羅吉斯迴歸來進行模式的建構。
公司發生財務危機前會經歷財務困難時期，在此時期會有三個不同的階段：起始階段、惡化階段與掙扎階段。在起始階段，財務危機公司的存貨開始產生滯銷且應收帳款也開始出現拖欠及無法收回的現象。在惡化階段，財務危機公司的獲利能力急遽下降，使公司短期償債能力開始變差，種種公司經營績效不佳的現象，對員工的心理產生重大的影響，造成員工生產力下降。在掙扎階段，財務危機公司的營運資金嚴重不足，使公司立即面對財務上的危機。

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