Abstract

This article respectively carries out the research on the audit opinion of certified public accountants, capital market efficiency, product market changes, macro-economic cycles, and the degree of industry boom based on the study of outside perspective. It thinks investors not only concern about the symptoms of loss shown in the operations within the company but also pay more attention to the external signs shown in all aspects of the company’s losses. Because there is no “internal control” phenomenon in the sign of the external loss, therefore, the external signs of a loss can conduct a more accurate identification and early warning of losses of listed companies.

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