1. ‫للل‬Z-Score
Financial Distress Prediction
‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬
‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬

3. ‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬
1960

4. ‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬
1968
Edward Altman

5. ‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬Z-Score
Z-Score

6. ‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬Z-Score
1
2
2

7. ‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬Z-Score
Z-Score

8. ‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬Z-Score
Z-Score

9. ‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬Z-Score
Z-Score:
Z=1/2X1+1/4x2+3/3x3+0/6x4+0/999x5
X1=
X2=
X3=
X4=
X5=

10. ‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬Z-Score



Z<1/81
1/81>Z<2/675
Z>2/675

11. ‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬Z-Score
Z-Score:
Z=0/717X1+0/847x2+3/1x3+0/42x4+0/998x5
X1=
X2=
X3=
X4=
X5=

12. ‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬‫ی‬Z-Score



Z<1/21
1/23>Z<2/90
Z>2/90

13. ‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬‫ل‬Z-Score
Company Z-Score
Microsoft 5.93
McDonald’s 5.1
PepsiCo 4.91
3M 4.45
Best Buy 4.19
Staples 3.78
Burger King 2.61
Del Monte 2.42
Macy's 1.81
CBS 1.05

14. ‫لل‬ ‫لللل‬ ‫لل‬
‫للل‬ ‫لللل‬