Based On The Kmv Model Listed On Sme Credit Risk

With the development of the global economic integration, and in-depth of the financial liberalization, credit risk is increasingly becoming the major problems that the global financial community is facing. In 2008, the global financial crisis was sweeping global economy, the alarm sounded for the credit risk. At the same time, due to the SMEs funds are less, scale is small, technology is backward, and other characteristics, so they are financing difficultly, "credit crunch" problem, that is the banks for SMEs, is mainly due to the banks cannot make an accurate assessment for SMEs'credit risk. The West in modern credit risk measurement models how to be used better in our market, becoming China's current the key issue of assessment and management for credit risk and the promotion of SMEs development.As the West's advanced credit risk measurement model, KMV model is based on option pricing theory and publicly data of the stock market, through processing and analysis these data, identify and measure credit risk of listed companies. Relative to other credit risk measurement models, this model do not need effective of the market, is suitable for our relative lack of historical data breach the basic situation. However, some assumptions of KMV model do not apply to China's market conditions; it must amend the KMV model based on our country's situation.In this paper, it is listing perspective of SMEs and banks, to measure and manage credit risk. On the one hand, the listed SMEs need to improve their credit standards, on the other hand, in order to provide a large number of loans to further develop SMEs, banks need to assess accurately for the listed SMEs.Firstly, the article analyzes the basic list conditions of China's SMEs and the status quo credit risk of the listed SMEs, to fully understand the current credit issues and development issues of China's SMEs; secondly, introduce the history of the development of credit risk, and introduce of credit risk measurement methods from the traditional and modern two-part, and further description of credit risk trends of management; again, introduce content of the KMV model theory in detail, according to China's securities market development in the objective situation, amend the KMV model, and research empirically the 20 SMEs in Shenzhen-listed, application Mat lab programming software to processing data, results show that, although in China the SMEs is listed not long ago, and lack seriously of default data, and cannot directly calculate the expected default rates, but the revised KMV model can be measured the listing SMEs default to distance, determine the credit situation of the listed SMEs based on the default to distance, the data shows that the present the listed SMEs have good credit level in Shenzhen stock market; Finally, through analysis the empirical process and results, present recommendations for the KMV Model in China promotion, the promotion of SMEs development and improve the competitiveness of China's banking industry.