for comparing the impacts between different factors but also for observing the change of factor’s impact with firm´s ageing and after industry adjustment. The results from the generated trees are quite detailed and relatively complex, and the main results can be summarized as follows: (1) profitability is the most significant variable because of ranking at the first level in most trees; (2) the impact of firm size is also important due to frequently appearing at the second level; (3) the impact of liquidity tends to weaken with ageing; (4) industry adjustment degrades the impact of indebtedness; (5) as for industry-specific variables, concentration and entry rank before industry growth in the age 1 and age 2 predictions.