Previous research has established correlations between corporate bankruptcy and internal factors such as financial ratios, cash reserves, company liquidity, and capital structure, as well as external factors, such as macroeconomic conditions, industry competition, and regulatory policies. However, several unidentified factors still warrant investigation. This study employs the Binary Probit Model to analyze data from Taiwan Economic Journal, encompassing 6,819 companies over the period from 1999 to 2009. The findings indicate that corporate bankruptcy is not significantly associated with 8 variables such as Operating Gross Margin, Cash flow rate, Operating Profit Growth Rate, Total Asset Growth Rate, Current Ratio, etc. However, it exhibits particularly strong correlations with 8 variables such as Pre-tax net Interest Rate, Operating Expense Rate, ROA(C) before interest and depreciation before interest, Non-industry income and expenditure/revenue, Net Value Per Share (B), Total Asset Turnover, etc. This research provides valuable insights into factors that may lead to corporate bankruptcy, which is instrumental in identifying warning signals, mitigating risks, and formulating effective preventive measures. Moreover, it points to the direction for further research in this field.