摘要：Since the first bankruptcy prediction models developed in the 60th of 20th century numerous different
models have been constructed through the world. These individual models for bankruptcy prediction have been
created in different time and space using different methods and variables. During this period various statistical
methods have been used starting with the most popular univariate, linear and multivariate discriminant analysis,
logistic regression, probit regression, decision trees, neural networks, rough sets, linear programming, principal
component analysis, data envelopment analysis, survival analysis and so on. Therefore, we aim to provide deep
insight and analyse the bankruptcy prediction models developed in countries of Visegrad four, with the emphasis on
methods applied and explanatory variables used in these models, and evaluate them through appropriate statistical
methods. Specifically, cluster analysis to explore the differences between basic groups of financial indicators and
designed clusters of explanatory variables. Based on the analysis of more than one hundred bankruptcy prediction
models we can conclude the most used variables, which serves as a basis for further research and development of
prediction models in Visegrad group countries. Three clusters were developed which representing various explanatory
variables while these clusters differ from basic groups of financial indicators. According to detected clusters we
recommend to choose the most frequently used variables from each created cluster. From the cluster one revenues
from sales/total assets ratio; from the cluster two the construction of models should contain current ratio, and from the
cluster three we recommend to use ROE. Also if we take into consideration the total frequency together with the
constructed clusters we advise to use more variables from clusters two and three. Results of the provided study may
be used not only by researchers and enterprises but also by investors during the construction of bankruptcy prediction
models in conditions of an individual country.
关键词：bankruptcy; bankruptcy prediction; variables; countries of Visegrad four;
