In this paper we propose a financial distress early warning model based on panel logit model theory according to the trend of time series data and historical data on the results which is creative in the field of finance. Manufacturing listed companies as the samples, panel logit model analyzes the factors influencing their financial distress. The empirical results show that debt factor, profitability factor, operating factor, capital utilization factor, capital structure factor are negatively related to financial distress of the listed corporations.