公司资产波动率的大小代表了市场对公司风险的判断,它可以帮助投资人从公司股价的背后看到公司的风险,公司资产波动率表达了重要的市场信息。本文用Morton模型对我国已发行公司债券的上市公司资产价值波动率进行测量,以期能在现有的条件下合理发现和规避公司的风险。 The size of the company’s asset volatility represents the market’s judgment of the company’s risk. It helps investors to see the company’s risk behind the company’s stock price, and the company’s asset volatility represents important market information. In this paper, we use the Morton model to measure the volatility of asset value of listed companies that have issued corporate bonds in China, in order to find out and avoid the risk of the company under the existing conditions.