本文利用ST公司样本和控制样本(即正常上市公司样本),通过实证分析建立预测上市公司退市风险(即成为ST公司的风险)的实证模型。经过模型稳健性检验验证后,本文发现所得到的退市风险预测模型对上市公司被ST的可能性有较好的预测能力。 In this paper, we use the sample of ST company and control sample (that is, the sample of normal listed company) to establish the empirical model to predict the delisting risk of listed company (that is, the risk of ST company) through empirical analysis. After verifying the robustness of the model, this paper finds that the obtained delisting risk prediction model has good predictive ability for the listed company to be ST.