The Credit Risk Measurement Of Listed Company In Strategic Emerging Industry Under The Perspective Of Commercial Banks

Recently, strategic emerging industries play a very important role in thedevelopment of science and economy all over the world. Many countries value moreon the development of strategic emerging industries. It’s the crucial time for China tocatch up with this technical trend by put more attention to these industries. At present,China is energetically preparing for the development plan of strategic emergingindustry in the coming5years, during the “Thirteenth five-year” period China willkeep offering its financial support on the emerging industries including New energy,energy conservation, environmental protection, biological medicine, etc. At the sametime, the Central Bank of China also issued a notice requiring banks and other financialinstitutions to speed up the progress of the optimization of credit structure, enhance theenergy saving and emission reduction support, thus contributing to more efficientallocation of resources, and further processing the adjustment and transformation ofChinese economic structure. Therefore, to develop certain financial products strategicrelated to emerging industry and grab its market share will be the future direction ofthe Chinese banking system, which not only determine the core competitiveness ofcommercial banks in the future but also has strategic significance. Hence, to pay moreattention to the strategic emerging industry is the general trend that China’s commercialbanking system will follow.The article departures from the literature study by consolidating domestic andforeign research literatures of strategic emerging industry and the credit riskmeasurement of Chinese enterprises based on KMV model, which has laid thefoundation for further theoretical and practical discussion. The paper then combinesthe characteristics of strategic emerging industry enterprises with reality, summarizingthe reason why the credit risk between traditional industrial enterprises and emergingindustry ones perform differently, and objectively state the current managementsituation of commercial banks supervising on the emerging industry enterprises’ creditrisk. Secondly, the paper analysis the strategic necessity of commercial bank providingfinancial support for emerging industries and the importance of credit riskmeasurement during the credit transaction process. Finally, using the KMV model tomeasure the credit risk of the listed companies of strategic emerging industries basedon the view of commercial banks.When introducing KMV model into the strategic emerging industries, we can usemathematical derivation and MATLAB to output the default distance under certainassumptions, dividing the specimens into two contrastive groups then making relateddescriptive statistical analysis and multivariate linear regression analysis for the defaultdistance of both groups to strengthen the verification of empirical conclusions in thispaper, which is, as for commercial banks, the normal strategic emerging industry company’s potential credit risk is lower than the ST ones. In view of the aboveconclusion, the default distance as an effective measurement index, before the creditloan happen, it helps bank to narrow down the investment object companies to reduceits credit risk, which commercial banks can benefit from when facing the credittransaction with strategic emerging industry companies.