| 变量 | Z | OPTION | SIZE | CFO | MB | INCOME | LEV | 
| Z | 1 | 
 | 
 | 
 | 
 | 
 | 
 | 
| OPTION | 0.029* | 1 | 
 | 
 | 
 | 
 | 
 | 
| SIZE | −0.656*** | −0.081** | 1 | 
 | 
 | 
 | 
 | 
| CFO | −0.282*** | 0.079** | −0.073** | 1 | 
 | 
 | 
 | 
| MB | −0.350*** | −0.008 | 0.600*** | −0.177*** | 1 | 
 | 
 | 
| INCOME | −0.071** | 0.055* | 0.047* | −0.016* | −0.018* | 1 | 
 | 
| LEV | −0.138*** | −0.118*** | 0.482*** | −0.281*** | 0.349*** | −0.033* | 1 | 
| PORFIT | −0.336*** | 0.066* | 0.487*** | 0.0140* | 0.223*** | 0.027* | 0.096*** |