Three-stage research framework to assess and predict the financial risk of SMEs based on hybrid method

Jin Xiao, Zhang Wen, Xiaoyi Jiang, Lean Yu, Shouyang Wang

Abstract: Highlights•We design a new enterprise financial risk decision support research framework to study enterprise financial risk comprehensively and provide better supports for decision makers, including the establishment of risk indicator system, risk assessment and prediction.•We design a new assessment method to compensate for the lack of attention to the assessment stage.•We apply LightGBM ensemble model to predict enterprise financial risk in real-value for the first time, and introduce OPTUNA optimization to improve it.