An Empirical Analysis Of Credit Risk Of Listed Companies In Extractive Industries Based On KMV Mode

Since the reform and opening up,China's economy has developed rapidly,and the extractive enterprises represented by coal and oil have shown near-perfect operating data.However,the long-term extensive economic growth model has led to the gradual depletion of resources and environmental problems.It brings great risks to the sustainable development of this industry and even the country.In order to realize the sound and rapid development of China's economy and to get rid of the chronic diseases left behind since the reform and opening up,China has also put forward a series of sustainable development policies such as supply-side reforms and a new normal of the economy since 2012,and as a traditional extractive industry.It is undoubtedly one of the industries most affected by the new policy.The development of the extractive industry has also experienced significant fluctuations in recent years.The credit risk has increased day by day,and its development prospects have been questioned.However,as non-renewable resources such as coal and oil are still dependent on many industries in China,even if new energy sources emerge,it will be difficult to completely replace traditional resources in just a few decades due to technological constraints.The industry is not in the sunset industry as imagined.Therefore,the judgment of the future risk of the extractive industry enterprises has become more complex and difficult.In order to better understand the credit risk level of the extractive industry enterprises,it is necessary to make reasonable predictions to the future extractive industry industries.This requires accurate measurement and analysis of credit risk.This article analyzes the general situation of the industry from the development of the extractive industry and the changes in financial indicators,and analyzes the risks of 35 listed companies through the KMV model.On the one hand,the difference between the default risks of the extractive industry and other industries is distinguished.On the other hand,it verifies that the risk results of the extractive industry through empirical analysis are consistent with the results of the analysis through financial indicators.Based on this analysis,the factors that affect the credit risk are analyzed.The key factors that affect the risk of companies in the extractive industry are found out,and the suggestion of visualization is put forward.