期刊名称：International Journal of Management Science and Business Administration
电子版ISSN：1849-5664
出版年度：2016
卷号：2
期号：5
页码：13-20
DOI：10.18775/ijmsba.1849-5664-5419.2014.25.1002
出版社：Inovatus Usluge Ltd.
摘要：A large number of diagnostic and predictive models exists using different or no statistical methodology.Often, diagnostic and predictive models differ in focus on branch of company, size of company, tradability of shares,country of usage, and focus on maturity of the market environment.Many of the models are widely used, however,their explanatory power is not known.Good examples of these models are those used in banks in the process of creditworthiness assessment.Some of them are created based on the Q-Test model.However, not only banks need to checkthe financial situation of companies but also basic users like suppliers, customers and other business partners.Thisarticle deals with Kralicek´s Q-Test which is one of the well-known financial diagnostic models in Europe includingthe Czech Republic.Its five grade rating scale reveals little about the level of prosperity of analysed companies.Anassumption exists that grade 1 means excellent financial health.However what exactly does it mean? Can it be assumedthat this means a negligible to zero probability of bankruptcy and simultaneously a sufficient or a high profitability?The question is what is the level of prosperity connected with the grades achieved on the Q-Test evaluation scalefrom1to 5.The prosperity of the company is uniquely linked to the return on equity.Another question is whether the QTestis able to express a level of prosperity and not only a level of creditworthiness of companies.That is why theresearch based on analysis of dataset of 1504 Czech companies was carried out.Following the research a scale wasmade of achieved return on equity (ROE).ROE levels are expressed by the following: implicit cost of equity (re), riskfreerate (rf), positive ROE, negative ROE and negative equity (or insolvency).The researched found that the Q-Test’sinformative value is comparable to the predictive models based on statistic techniques.
关键词：Q-test; Return on equity; Prosperity; Financial health; Rating; Financial analysis
