Abstract: This study aims to examine and analyze the effect of liquidity, operating efficiency, leverage and corporate governance mechanisms against financial distress. This analysis used the dependent variable which is financial distress and independent variables are liquidity, operating efficiency, leverage, institutional ownership, independent commissioner, managerial ownership and the independence of the audit committee. The sample used secondary data, financial statement and annual report transport company listed on the Indonesia Stock Exchange in the period 2013-2015. Sample were determined using purposive sampling method. The sample were used as many as 39 companies. The test result showed that research models already meet multicolinearity test. The result showed that the only variable operating efficiency are significantly influence financial distress. While other independent variable has no significant effect on the financial distress.