Analysis And Research On Credit Risk Of GEM Boardlisted Companies Basde On KMV Model

October30,2009, GEM of China was officially listed. This means thatthe construction of multi-level capital market to a new level,growth-oriented and high-tech enterprises,"the CHINA NASDAQ"officially open. GEM with high-risk, high-return characteristics ofhigh-tech SMEs to serve primarily set, which is characterized by theinvestors in the investment of the enterprises in the markt. Businessgrowth without financial support, in particular, small and medium-sizedenterprises need to borrow to the operating companies, the specialneeds of long-term loans, but due to the capital market concernsabout the credit situation of SMEs, the SMEs access to long-term loansare few and far is not conducive to the growth of SMEs, is notconducive to the development of the GEM.This article aims to answer the credit risk profile of the GEMcompanies is just how KMV model-based analysis of GEM companiescome to Chinas long-term loans of2-3years duration can be obtainedfrom the capital market to support the development of the company.Normative analysis and empirical analysis by combining the method ofcombining theory and practice tests on the credit risk of the GEMcompanies use the KMV model to analyze the study. In this paper, theconnotation of corporate credit risk,"a complete defined, and theChinese A-share companies listed on GEM, selected among the20listed companies as a sample, the empirical analysis. Finally, theempirical results and draw conclusions. But by empirical analysis, thestudy concluded: GEM companies listed on GEM companies can notget enough to support the development of long-term loans andlong-term loans can be drawn to the GEM companies can actually geta period of2-3years.