| Small and mid-sized enterprise is the main body of technological innovation,optimize the industrial structure,promote economic supply side structural reform,promote the social productivity level of important force,has now become to promote China’s economic development level of a powerful force.Since the global financial crisis,the credit risk is more and more serious,the main body from the financial banking into enterprise,a company’s credit risk restriction enterprise credit scale and company profitability.Of technology-based smes financing channels and financing less difficult to restrict its rapid development,high credit risk is small and mid-sized enterprise financing difficult a lot of reasons,including credit risk evaluation is the source of financing difficulties.The KMV model is a high-level model of the current measurement of credit risk in our country,which has the advantage of being proactive and dynamic.Therefore,this paper selects the KMV model to measure the credit risk of the small and medium-sized enterprises listed in science and technology.This article USES the KMV model to measure the credit risk of small and medium-sized enterprises,and provides reference for financial institutions to measure and study credit risk.This article first to the credit risk of the related literature at home and abroad has carried on the induction and summary,and introduces the credit risk and the theory of technology-based smes,secondly introduces the modern credit risk measurement model of KMV model’s basic ideas,assumptions,calculation steps and advantages and disadvantages,and proposes the KMV model is suitable for small and mid-sized enterprise credit risk measurement point of view.On the basis of the small and mid-sized enterprise to 60 of the gem listed companies as the research object,using the KMV model in small and mid-sized enterprise as the research target of its credit risk were evaluated and the distance of default,and carries on the inspection,then from the company scale,corporate governance,debt paying ability,operation ability,profitability and growth ability of the company’s credit risk to carry on the multiple regression analysis,the factors which influence results show that the total assets ratio,total asset turnover,return on net assets,operating income growth rate and liquidity ratio is the main factors influencing the changes in credit risk.Finally,the paper concludes the conclusion of this paper and puts forward some Suggestions on the credit risk of small and medium-sized enterprises.In this paper,the research on the one hand,can evaluate the credit risks of the sample companies,is helpful for financial institutions to small and mid-sized enterprise loan financing of listed companies,on the other hand can strengthen the enterprise’s own credit risk management. |
