Research On The Measurement Of Credit Risk Of Hong Kong Cross-border Listed Companies

Research on the measurement of credit risk has always been a focus in the study of the financial sector,and credit risk because of its own infectious,universality and liquidity,very far-reaching influence on one country and the world.Hong Kong cross-border listed companies in our country,because of the particularity of its stock market,namely the cross-border listings of mainland and Hong Kong stock market environment,than general listed companies may be facing the credit risk is more complex,also more profound.For this kind of measure credit risk of listed companies has very important practical and theoretical significance,in this paper,on the basis of theoretical analysis,comprehensive analysis of the mainstream of the credit risk measurement model and comparison,that KMV model relatively more feasible and more accurate than other models.KMV model,however,because some of the limitations of its cross-border listed companies the particularity of the mainland and Hong Kong,direct use to measure credit risk may not be accurate,accordingly,in this paper,the model parameters of the KMV model and calculation method of correction,the correction on the basis of its application to the Hong Kong cross-border listed company credit risk measure.In this paper,by adopting the combination of theoretical analysis and empirical analysis research methods,first of all,from the theoretical analysis of KMV model than the other advantage of the credit risk measurement model,coupled with Hong Kong cross-border listed companies in our country facing the particularity of the credit risk,put forward the application of the KMV model and to modify its necessity.On this basis,this paper using the modified KMV model by using the method of empirical to Hong Kong cross-border listed company credit risk measurement,the study found that compared with the existing research results,this paper USES the KMV model in measuring such credit risk has the applicability and accuracy,and the results show that China's Hong Kong cross-border overall credit risk of listed companies is relatively low,the overall credit rating is higher.On this basis,this paper argues that China should establish a suitable for their own development authority credit rating agencies,which can make the credit risk of listed companies get unified measurement;And suggests to establish a credit risk database to help supervise department better overall risk management,and help to further research in the field of related.