Research On Credit Risk Measurement And Control Of Listed Companies In China's Marine Industry

Marine industry is an important force to optimize China's industrial structure,promote the reform of economic supply structure and improve the level of social productivity.Marine listed companies are the main force in this force.However,the lack of financing channels and the limited amount of financing restrict the development of marine listed companies.The fundamental reason for the difficulty of financing of China's marine listed enterprises lies in the credit problem,among which the improper credit risk assessment is the fundamental reason.This paper combines qualitative analysis with empirical research to analyze the measurement and control of credit risk of marine listed companies.Firstly,it summarizes the research on related fields by domestic and foreign scholars.Comparing four modern credit risk measurement models,the conclusion that KMV model is more suitable for the credit risk evaluation of marine listed companies is drawn.Secondly,this paper introduces the current situation of China's marine listed companies,and combs the debt level,debt maturity structure and solvency of China's marine listed companies through the financial indicators of the marine listed companies from 2013 to 2017.Thirdly,the basic ideas,assumptions and calculation steps of KMV model are elaborated,and an empirical analysis of credit risk of marine listed companies is carried out based on KMV model.Fifty-two listed marine enterprises,involving eight industries,such as marine fishery,marine transportation and offshore oil and gas industry,are selected in this paper.By using MATALAB software,the default distance and default probability of enterprises in different industries are calculated.The results show that:1.China's marine primary industry enterprises are concentrated in marine fisheries,and the credit risk level is moderate.Only*ST Changsha and Zhongshui fisheries enterprises have short default distance and high default risk.2.The credit risk of marine secondary industry in China is relatively high,mainly concentrated in the manufacturing of marine communications and related equipment,marine energy utilization,marine shipping and related equipment manufacturing.3.The credit risk of China's marine tertiary industry is relatively high,mainly concentrated in the marine transportation auxiliary industry.Based on the empirical results and the actual situation of China's domestic economy,this paper puts forward relevant policy recommendations.Among them,suggestions for Marine Enterprises in the primary industry are as follows:1.Innovating credit risk management tools to promote weather financial derivatives;2.Focusing on risk protection areas and developing professional marine insurance products.Suggestions for secondary industry marine enterprises are as follows:1.Forming marine industry ecosphere and building industry chain financial services;2.Broadening multi-financing channels and setting up financing risk compensation fund for offshore enterprises.Suggestions for Marine Enterprises in tertiary industry are as follows:1.Perfecting the service system of investment and financing,perfecting the registration system of offshore property rights pledge;2.Developing the convenience of capital market and enriching financial products in bond market.