Abstract: The current global economy is very complex and uncertain. The slow growth trend continues due to the combination of many risk factors such as the US interest rate hike, China’s export slump caused by the economic crisis, Japan’s Yen weakness, emerging nation’s crisis due to China Shock and falling oil prices due to shale oil. Due to the long-term global economic downturn, Korea’s economy has been hit hard and the liquidity of companies has deteriorated, resulting in the rapid spread of insolvent companies. Therefore, companies need to find and analyze financial factors affecting corporate insolvency in order to minimize social and economic losses caused by corporate insolvency. Therefore, in this study, we performed the ratio analysis using the financial statements of the image, broadcasting and communications and information service industries and analyzed the financial factors of the insolvency and tested the suitability of the model by applying the Auto Regressive Error Model (AREM) which is a time series model to the analysis of financial statement and comprehensive income statement. It was confirmed that Current Ratio (CUR) and Net Working Capital Ratio (NWCA) in the liquidity analysis, Debt Ratio (DER) and Net Worth Ratio (NWA) in the stability analysis, Gross Profit margin (GPR) in the profitability analysis, Non-Current Asset Turnover (NCAT) and Receivable Turnover (RET) in the activity analysis and Net Profit Gross Rate (NPGR) in the growth analysis were the financial factors that had effect on the corporate insolvency growth rate. It was also confirmed that the coefficient of determination including the error model indicating the explanatory power of the model in the goodness of fit test was very suitable and the results of the Generalized Durbin-Watson (GDW) test confirmed that there was no autocorrelation in the error term of the final model.