Research On Credit Risk Measurement Of Listed Companies Based On KMV Model

Chinese listed companies'credit lack brought about the enormous negative impact to Chinese economic development .The lack of suitable credit risk measurement models to monitor Chinese listed companies and their transactions associated is a big problem to the credit risk management.Through reference and learning international advanced credit risk management techniques and methods to establish suitable the credit risk measurement of models and methods is an important topic to the credit risk management. This article to carry out relevant research measure on the credit risk of listed companies in China under this backgroundBased on this, this article used qualitative and the demonstration method to carried on the theoretical analysis and the real diagnosis examination research to the credit risk measure model. First,this paper introduced credit risk, credit risk of listed companies, the measurement indicators of credit risk, credit risk measurement models, credit risk rating and credit risk management concepts, and analysised the important fundament role of the credit risk measurement in the credit risk management; Next, in this foundation introduced with emphasis several kind of modern measure model the primary coverage, the characteristic and the good and bad points, and have made the detailed correlation to them from model itself and China's feasible two aspects, thus obtains the KMV model to be suitable for our country at present national condition; Once more, introduce the theory of KMV model based on the vanilla options in detail including the foundation and the primary coverage, introduced the KMV model the integrity, including the KMV model based on the vanilla options applies in the firm come into the stock market, and analysis the KMV model in our country Banking industry by using our country'newest data of corporate in stock market; Finally, introduce the theory of KMV model based on the barrier options in detail including the foundation and the primary coverage, introduced the KMV model the integrity, including the KMV model based on the vanilla options applies in the firm come into the stock market, and analysis the KMV model in our country Banking industry by using our country'newest data of corporate in stock market.