论文部分内容阅读
创业板自上市以来,由于自身技术水平不成熟、自有资产小等原因,信用风险的问题一直存在。本文选取了创业板上市的100家企业为样本,通过运用其股票市场的数据和财务报表中的债务数据,利用KMV模型信用评估方法,考虑创业板企业的实际市场情况,对参数进行了修改,并且结合相应编程计算其违约距离DD。实证研究结果表明,KMV模型对我国创业板企业的信用风险评估具有较高的准确性和科学性,对创业板企业进行风险预测和防范有着重要的意义。
Since the listing of the GEM, due to its own immature technology, low own-owned assets and other reasons, credit risk has always existed. This paper selects 100 companies listed on the GEM as a sample. By using the data of the stock market and the debt data in the financial statements, using KMV model credit evaluation method, taking into account the actual market conditions of GEM, the parameters are modified, And combined with the corresponding programming to calculate the default distance DD. The empirical results show that the KMV model has a high degree of accuracy and scientificness in assessing the credit risk of China’s GEM companies, and is of great significance to the risk prediction and prevention of the GEM companies.