Using KMV Model, This Paper Analyzes And Assesses The Credit Risk Of Corporate A

Credit risk refers to the loss of part or all of the loan caused by the default of the credit customer in the credit activities.In modern financial practice,the credit risk is further extended to the decrease of counterparty credit rating,the decline of performance ability and the increase of default probability.A company is the financial institutions in Henan province and one of the key support for the business of listed companies,has the important status in the various financial institutions in credit business,all kinds of business cooperation.Along with the development,A companies in recent years bear the risk of business has signs of improvement.As a core enterprise,the operation changes of A company affect the operation and living environment of the upstream and downstream customers,and have great impact on the overall industrial chain.With the deepening of financial institutions with A,all kinds of business cooperation,A,financial institution and its affiliates,risk limits on the downstream customers are gradually increasing the credit risk status of the A company to re evaluate and improve credit strategy.Therefore,it is very important to firmly control the credit risk of A company.This paper selects Henan province manufacturing model and representative of the A company as the research object,and selects the credit risk quantitative analysis model--KMV model,analysis and evaluation of credit risk of A company,to provide reference for financial institutions and industrial chain upstream and downstream enterprises to re-examine the A company credit risk,finally put forward the risk control the corresponding measures,in order to reduce the credit risk of A company.Firstly,this paper makes a qualitative analysis of the credit risk of A company,based on the influence factor of the external environment is fixed,pointed out by the stock price,stock price volatility,current liabilities non current liabilities four aspects of credit risk formation effects,operating results in recent years A company began to show a certain degree of decline,the future existence of business some of the uncertainties and risks,which contains a growing export credit risk exposure.Secondly,this paper makes a quantitative analysis on the credit risk of A company,first introduced by the use of credit risk assessment analysis,it is pointed out that using modern credit risk quantitative analysis model,KMV model has certain feasibility and applicability.Next,the A company credit risk assessment using KMV model analysis,pointed out that over the past five years A's default distance is constantly narrowing trend,fully reflects the influence of the four aspects of credit risk,credit risk,default probability of A is increasing,which is worthy of their own enterprises,financial institutions,industry chain the upstream and downstream enterprises and other related parties pay close attention to.Then,with the listed manufacturing companies mean comparative analysis of default distance,and points out that A company still has the leading position in the industry and a strong business strength and advantages,and belongs to the low credit risk of enterprises in the industry;but at the same time that A company in the industry dominant position is shrinking,its credit risk exposure is expanding year by year.Finally,this paper from the perspective of A company how to control credit risk put forward the credit risk of the corresponding control measures,that is to improve the stock price by improving business performance;the two is to improve the financial quality;three is to optimize the debt structure;four is to reduce the amount of dividends and proportion.And specific measures and plans are discussed for each risk control measures to reduce the credit risk of A company.