Empirical Study On Quantitative Model Of Stock Pledge Default Risk Of Listed Companies Based On KMV

In recent years,with the rapid development of the domestic capital market,the stock pledge has become a low-cost financing threshold,the approval process is convenient and fast,and it can inject higher liquidity into the pledge of some stocks,greatly alleviating the capital needs of listed companies and becoming a A financing tool that is popular with listed companies.However,affected by the trade friction between China and the United States,since March 2018,the A-share market has fluctuated violently.More than one-third of the company's stock price hit a new low in three years,and the pledge of equity fell to the warning or even the liquidation line and produced a large scale.Stock pledge default.In this context,based on the theory of financial risk management,based on the construction idea of KMV model,it is particularly important to establish a quantitative model of the stock pledge default risk of listed companies and maintain the stable and healthy development of the stock pledge market.This paper first expounds the research background of the stock pledge business under the current economic situation.Secondly,it combs the research status at home and abroad in detail,and summarizes the research on the type of stock pledge risk,and combs it from the microscopic perspective.The development history of comprehensive financial risk management theory,and a brief introduction to the financial management model born in each period.Based on this,the construction idea of the quantitative model of domestic stock pledge default risk is formed,and the design concept,hypothesis premise and derivation process of the quantitative model of stock pledge default risk of listed companies supported by KMV model construction are proposed.Finally,the article uses the built model to measure the default risk of stock pledge business in various industries in the domestic A-share market,and empirically verifies that the quantitative model of stock pledge default risk of listed companies based on KMV is in the measure of stock pledge default risk in China.Effectiveness,in order to improve the stock pledge system,deepen the risk early warning ability of financial institutions and provide effective reference for the prevention and reduction of stock pledge default risk.