企業之永續經營除了受到一般財務變數影響外，公司治理決策之良窳常對經營之穩定性、甚至對相關財務因子有顯著之衝擊。有鑒於此，本研究嘗試自公司治理機制角度，針對國内發生危機而導致經營權移轉或下市(櫃)之公司，以公司治理變數建構模型，以期探索出簡單且有效的預警機制。研究結果發現，董監事持股比率、董監事設質比率、負債比率與總經理或董事長之異動對財務危機有顯著的影響。 就外部監督機構變數而言，「會計師事務所更換次數」與「更換會計師事務所後審査意見轉佳」對財務危機具顯著的影響。其中「更換會計師事務所後審査意見轉佳」之變數為本研究首次發現，除了顯示本研究貢獻外，更可看出専業人員的職業道德規範與超然獨立審査之重要性。

The stability of corporate sustainability is usually affected by financial factors. However, the soundness of corporate governance often has significant impact on corporate stability and on financial factors. Tms study attempts to apply corporate governance variables to construct a model for testing the significance on corporate financial distress. Results found that directors’ shareholding ratio, directors’ pledge ratio, debt ratio and the obility of presidents or CEOs are significant on corporate financial distress. As for the outsider’s monitoring, the “changing frequency of CPAs” and the “professional comment turns better after substituting CPAs” are both significant on corporate distress. The latter variable “professional comment turns better after substituting CPAs” is firstly found in this study, indicating that CPAs’ professional’s expertise and morality are both significant factors relevant to corporate distress.