在这篇文章中，我们通过采用多个体模型和引入两个变量——识别能力和估价比率来说明在什么条件下会发生逆向选择现象。

In this paper, we propose an agent-based model to examine what conditions can make the adverse selection to take its effect by introducing two variables-cognitive capability and valuation ratio.

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无论在财务困境前1年还是前2年，现金流量类变量在会计比率的基础上均具有显著的增量信息含量。

Cash flow variables provide significant incremental information content based on accrued model both 1 and 2 year in advance of financial distress.

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最后，论文从投资者投资决策心理出发建立转换比率模型，得到转换比率是内生变量的结论。

At last, the thesis proceeds from psychology of investor's investment decision and sets up the conversion ratio model, and then concludes that the conversion ratio is endogenous variable.

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