Research On Credit Risk Of Small And Medium-sized Hi-tech Listed Enterprise Based On Modified KMV Model

"Science and technology is the best productivity".Today's society,the country's comprehensive national strength is directly related to the development of science and technology,has received the extensive attention of all countries."Much starker choices-and graver consequences-in planning outline" in our country is pointed out that to encourage innovation,play the leading role of science and technology innovation,provide support for the development of science and technology industry,Embodies the represented by chairman Xi of the party's new generation of collective leadership support for science and technology innovation as well as to the support of science and technology industry.There are a lot of small and medium-sized Hi-tech enterprise,they have mastered a large number of key technologies,representing the future of enterprises and countries.at present,due the small and medium-sized Hi-tech enterprises do not have a sound financial system and a sound risk control evaluation system lead to its credit risk could not measure accurately,affect its fund-raising,restricting the development of small and medium-sized Hi-tech enterprises Therefore,in the current economic climate,it is imperative to solve the problem of small and medium-sized Hi-tech enterprises credit risk measurement.KMV model is senior credit risk measurement model,many scholars at home and abroad by using KMV model to measure the credit risk of listed companies,this article will study specific to small and medium-sized Hi-tech listed enterprises.The first two chapters are introductions and related theories,lay the foundation for the research,the KMV model is modified from the third chapter,equity value volatility and default point will be modified in this chapter,so that it is more consistent with the reality of small and medium-sized Hi-tech listed enterprises,the fourth chapter makes an empirical analysis using the modified KMV model,selecting two groups of samples,The two groups are randomly selected from the enterprises have listed in Shanghai and Shenzhen,one group is 16 Special treatment small and medium-sized Hi-tech listed enterprises in 2016,The other group is the 16 normal operation small and medium-sized Hi-tech listed enterprises,Industry,listing location and asset status are similar to the first group,The two groups of samples were compared and analyzed,And the empirical results were carried out by ROC curve test and independent sample T test,The test results were in line with expectations and the KMV model was modified successfully.Through the successful modify of the KMV model,this paper aims to provide a new way for the small and medium-sized Hi-tech listed enterprises to measure their own credit risk.And The credit department assesses the credit risk of small and medium-sized Hi-tech listed enterprises,to resolve the credit risk caused by the information asymmetry,to solve the problem of small and medium-sized Hi-tech listed enterprises financing.