:

:
:KR .
:K0 .
:Ke ( ).
:Kd (...).
) : E /( D + E .
) D /( D + E .
: .

E
D
K0 =
Ke +
K d (1
D+E
D+E

: :
K R K0

K R K 0

( )Bonkruptey
.
: " 1979-1969 10000
1
1982 1981 25000".

:
-1 .
-2 .
-3 .
-4 .
-5 .
-6 .
-7 .

:
- 1 : 2000 -.348-347:


( *)AICPA ( **)SEC

( )BEAVER 1966

.
(ALTMAN-1 )1968
(LEN-2)1971
(DEAKIN-3)1971
(ALTMAN AND ME GOUGH-4 )1974
(ARGENTINIA-5 )1976
(MOYEN-6)1977
(OHLSON-7)1980
(KIDA-8)1981
(BOOTH-9)1983
(COMPISI AND TROTMAN-10)1985
(SHERROD-11)1987
(KOH-12)1990
(HART-13 )1992
(TRAFFEL-14)1996
(TAN-15)1999

( )LEN, 1971 ( *)ENTRPY
**.

.
.
(:)ALMAN AND MC GOUGH 1974
AICPA:
SEC :
ENTROPY:
**
2000 .192-178 :

*
**
*

 (DISCRIMINAL Progression

)Analysis :

Z=0.012X1+0.014X2+0.033X3+0.006X4+0.010X5

X1

X2

X3

/EBIE

X4

X5

( )Z .2.6875

()Z

-1

Z 2.6875

-2

Z2.68751.81

-3

Z1.81

82%
)(1
58% "
-2 ( :)KIDA 1981 5 ( )
:
Z=1.042X1+0.42X2+0-0.461X3-0.463X4+0271X5

) )1 .385

X1

X2

X3

X4

X5

 Z 0
.20%
-3(:)BOOTH 1983
( )BOOTH
( )Rolios ( )ENTROPY
90% .
-4 :)ARGENTI (1976
( )A.SCORE



:
-1 .
-5 (:)SHERRORD 1987



:
:

1 /

18.0

2 /

9.0

3 /

3.5

4 /EBIT

20.0

5 /

1.2

6 /

0.1

.

( )I :
:

( )

()I
I25

( )

I <2520

( )

I <205

( )

I<55-

( )

I<5-

:
-1

.
-2 ( )I
.

( )Qualitative .
() :

. :
:

%10

%15

%20

%25

%15

()

%15

%100

:
-1 ( )Exeptional .

-2( )Stroch .
-3 ( )Strong .
-4 ( )Acceptable .
-5 ( ) ( )Doubtfur .
-6 ( )loss .
)*)
.
:

.

. ( )**))Basle accord .
:

0 :%50% 20% 10%
)(1 100 :
-1 ( )0%
(.)DECD
-2 ( )10%
50% .
-3 ( )%20
( )OECD
.
(*) .389-388 :
(**) ( )Basle :
(.)Cooke
) )1 1999 .146

-4 ( )50% .
-5 ( )100%

.

:
-1 : :
-1 .
-2
:
.
-2 :
.
: :
-1 ( )DEPOSIT CAPITAL ROTIOT :
() 10: .
-2 (:)Assets capital rotiot

:
/ = .
-3 ()RISK ASSESTS TO CAPITAL

:
/ = .
-4
.

. .
.
)(1
:
-1 .
) )1 .153

-2 .
-3 .
-4 .
-5 .
-6 .