An Empirical Study Of The Credit Risk Measurement Of Listed Companies In IT Industry Based On KMV Model

Credit risk is one of the oldest and most basic types of risk in financial market.It is also one of the most important risk types in China's financial market.Therefore,the level of management is the whole financial industry and even the whole social and economic life.There is an important impact.With the increasingly complex financial environment,the traditional,static,historical financial ratio of the method of assessing credit risk has been unable to meet the bank and other financial institutions and enterprises themselves on the credit risk of scientific assessment and management needs.The rapid development of information technology industry as a new industry has a great impetus to the development of the national economy,but its credit risk has higher uncertainty and volatility than the traditional industry,and the credit risk is higher,so its credit risk Accurate assessment is particularly important.The KMV model which is widely recognized and used internationally,and corrects its parameters according to the specific economic environment of our country.Finally,the revised model is applied to the credit risk assessment of the specific information technology industry in China.This is of great practical significance to improve the credit risk assessment and management level of China's information technology industry.First of all,the use of literature analysis,based on a large number of related literature on the background of this article and the status quo in detail,summed up the advantages and shortcomings of previous studies,put forward the main content of this study;introduce credit risk related basic theory,By comparing the credit risk assessment model with the comparative analysis method,the advantages and disadvantages of each major evaluation model are found,and the KMV credit risk assessment model is selected as the research model.Secondly,the qualitative analysis of the credit risk of the information technology industry includes the basic situation and the development of the information technology industry.The qualitative analysis results will be compared with the quantitative analysis results to find out the problems and find the reasons.Thirdly,we use the method of empirical research to apply the KMV model to the credit risk assessment of the listed companies in the information technology industry,calculate the default distance of the listed companies in the information technology industry,and use the statistical test method to test the results,and obtain the KMV model Which can accurately identify the credit risk of listed companies in China's information technology industry.Finally,in the course of the study,it is found that the credit risk level of China's information technology industry listed companies is higher,and the improvement suggestions are put forward from the macroscopic national policy level,the intermediate enterprise level and the micro model itself in order to reduce the information technology Industry listed companies credit risk,to promote its healthy development.