This　paper　use　LOGIT　model　to　study　financial　early-warning　by　selected　ST　and　normal　companies.　The　in-sample　and　out-of-sample　prediction　rate　are　respectively　97.1%　and　94.1%.　With　revision　and　re-judgment　to　logit　model　prediction　result　by　efficiency　indicators,　the　study　result　shows　that　in-sample　and　out-of-sample　correction　rate　is　respectively　95.8%　and　96.2%.