由於亞洲企業多為家族及集團經營，且企業之財務報表數字常會透過不同的方法進行窗飾，藉此美化報表上資料，因而大幅地降低傳統僅考慮財務變數資料所建構之財務危機預警模型的預測效力，故本文研究目的即在於將公司治理層面變數納入財務危機預警模型建構之中，利用二元Logit 分析法，先以逐步迴歸法選取變數，再據而建構出三個不同之模型，分別為；僅考慮財務變數之模型、僅考慮公司治理變數之模型、同時考慮財務變數與公司治理變數之綜合模型，並比較其預測能力。實證結果顯示，單純考慮財務變數所建構之模型雖有不錯的預測能力，但若是能再加入公司治理變數所建構之綜合模型將會有更佳的預測財務危機發生效果。

Due to most of the enterprises in Asia are invested by bloc or family, and some company’s financial statements were window dressed through specific methods, the financial statements can be beautified, and this would reduce the exactness of prediction accuracy ratio of financial distress model considering only financial data. The purpose of this study is to establish the financial distress model considering the variables about corporate governance. Adopting binary Logit regression method and using stepwise regression method to determine the variables. We build up three models, the model only considering financial variables, the model only considering corporate governance variables, and the model considering financial variables and corporate governance variables respectively. Then, the comparisons of these models’ predictable ability were made. The study exhibited the model having the variables of corporate governance will increase the model’s performance.