Empirical Study On Credit Risk Evaluation Of High-tech Enterprises Based On KMV Model

The coming of knowledge era makes hi-technology play an increasingly important role as a fraction of national strategy.High-tech enterprises acted as the main drive of national technology innovation are supported by government policies for they are becoming the strategic force that gradually help our country to fulfill stable economic growth and industrial upgrading.Though picked up by our government,hi-tech enterprises walk hard.The difficulty of financing is still blocking hi-tech corporation's development.At present,the main crux of financing difficulties of high-tech enterprises is that in their main financing channel of bank loans,banks and other financial institutions lack proprietary assessment method of credit risk for hi-tech enterprises,leading to unreasonable credit decision.This dilemma is sourced from the need for ongoing research activities and the long process of large investment and the difficulty of resulting into products to achieve the return of funds in short time.But once the high-tech enterprise technology innovation ability convert into products because of its uniqueness,it would quickly bring to the enterprise competitive advantage and big gains.Therefore,the high-tech enterprise credit risk evaluation should not only focus on the current status,but to take a long-term perspective to explore the huge future potentiality of the development of enterprises,which make it difficult to conduct evaluation on the risk of default.On the other hand,the intangible assets of enterprises occupy a large proportion,so it is difficult to accurately assess the value of high-tech enterprises.When the credit side does a credit review for the high-tech enterprises,the traditional credit risk evaluation model using historical financial data for credit evaluation is therefore not applicable to the high-tech enterprises to make accurate assessment of their credit status.The applicability of the evaluation model has seriously limited the enthusiasm of the credit side for the investment of high-tech enterprises,which makes the financing of high-tech enterprises difficult.Based on the literature review of credit risk evaluation model at home and abroad and the comparative analysis of the models,this study found that KMV model is suitable for China's high-tech enterprise credit risk assessment,and combined with the actual situation of high-tech enterprises we adjusted the relevant indicators,in order to improve the accuracy of the KMV model of high-tech enterprise credit risk evaluation.This is not only conducive for investors to have a more accurate evaluation of high-tech enterprises to alleviate the financing situation but also to provide reference for self-credit management of high-tech enterprises,the improvement of enterprise credit level and credit management ability.Through the combined method of theory and practice,based on the introduction of KMV model and its analysis of the basic theory about the credit risk of high-tech enterprise evaluation applicability,this paper followed the calculation steps of KMV model,used Matlab R2014 a software to do programming,input related variables to obtain the level of credit risk of the sample firms,and thus evaluated the credit risk of high-tech enterprise.In order to verify the accuracy of the model to judge the normal company and the breach of contract,this paper carries out paired sample T test and K-Wallis test for the default distance in the evaluation results.In addition,the Z model is often used to compare with the various credit risk evaluation models,and Z model owns a high stability,so the Z model is compared with KMV model to verify the validity of the KMV model.On the basis of summarizing the research background and framework,this paper summarized and compared the literature of enterprise credit risk evaluation,and obtained the applicability of KMV model to high-tech enterprises.Then the author summarized the theory of credit risk evaluation of high-tech enterprises and analyzed the applicability of KMV model.The part also introduced the theoretical basis of KMV model and the operation steps of risk measurement.It paved the way for empirical analysis.The empirical part was used to verify the empirical results on the basis of measuring the default risk of normal enterprises and ST samples and verified the applicability of the model with Z value model.The paper concluded with research conclusions and policy recommendations.In this paper,it was found that the T-test and K-Wallis test results showed that the adjusted KMV model can distinguish the difference between the default rate and the default distance of the normal company and the default company,but the Z value model' s effect was not ideal.Only for the normal company's credit risk determination ability,Z value model is very strong.Therefore,from the sample as a whole,the adjusted KMV model is better than the Z-value model,and it is more suitable for the evaluation of credit risk of high-tech enterprises in China.The empirical study found that,T test and K-Wallis test results show that the KMV model is adjusted to identify normal companies and companies default rates and default distance is significantly different,but Z value effect is not ideal compared with model.The Z value model is only a strong ability to judge the credit risk of the normal company.Therefore,judging from the sample,the adjusted KMV model is superior to the Z value model,which is more suitable for the credit risk assessment of high-tech enterprises in China.The contribution of this paper is the credit risk evaluation methods are studied and compared with that of KMV model parameters are adjusted according to the characteristics of high-tech enterprises in the high-tech enterprises and strive to unique,special business environment to choose the best model is of theoretical and practical significance.Finally,through the empirical test proves the validity of the adjusted KMV model,enrich the research of high-tech enterprise credit risk assessment,applies to the study of high-tech enterprise credit risk evaluation model has reference significance to explore.