Taiwan Altman Z-Score — bankruptcy risk, manufacturing / non-mfg dual formula
The Altman Z-score flags bankruptcy risk from a blend of financial ratios. We auto-apply the manufacturing Z' or non-manufacturing Z'' formula by sector and honestly refuse financials (formula N/A) rather than fabricate a meaningless number.
Three risk zones
Above the safe threshold = safe zone; below the distress threshold = distress zone; in between = grey zone. We return the raw score, its zone, and per-ratio contributions.
Why we refuse to score financials
Altman's model was fitted on manufacturers and general corporates. Banks and insurers carry leverage as their operating model, not as a distress symptom, so the same ratios mean something completely different and the resulting number is misleading rather than merely imprecise.
We return a labelled refusal instead of a fabricated score. A number that looks precise and is structurally wrong does more damage to a research process than a visible gap.