[Retracted] Early Warning System for Penalty Constrained Financial Risks of Enterprises under Diversified Investment

Table 2

The “four-stage symptom” analysis.

Crisis Incubation period	Crisis onset period	Crisis worsening	Crisis realization
1. Blind expansion	1. Insufficient own capital	1. The operator is unmotivated and preoccupied with financially weak assets	1. Liabilities more than assets and insolvency
2. Ineffective marketing	2. Over-reliance on externally funded business and heavy interest burden	2. Liquidity difficulties	2. Closure announced
3. Neglect of risk management	3. Lack of early warning function	3. Nonpayment of debts due
4. No effective management system	4. Delaying instigation
5. Ignoring significant changes in the environment