Research On Credit Risk Measurement Of Listed Companies In China Based On ZETA Model

In the moderm society with rapid economic development,credit risk has become one of the most important risks affecting the stability of economic environment.Especially for listed companies,the effective management of credit risk is of great significance to the financial market and even the economic environment of the whole country,and credit risk measurement is the core link of credit risk management.This paper system elaborated the definition,characteristics of credit risk and credit risk of listed companies in China the status quo,the cause of credit risk of listed companies in China specific analysis,and specific measures for the development of the theory of credit risk measurement,model and its advantages and disadvantages were summarized,through comparative analysis found that the ZETA model when the listed company credit risk measurement in China is more suitable.Based on Fisher's discriminant method and the latest sample data of listed companies in China,this paper reconstructed the variable coefficient of ZETA model and adjusted the critical value of ZETA model discriminant analysis.After introducing all sample data into the established ZETA model,it was found that the accuracy of discriminant analysis using the adjusted critical value exceeded 90%.The ZETA model can effectively measure and distinguish the credit risk caused by financial risk,however,has the ability of warning for a certain period.This paper in the listed companies by applying the model to select credit risk after the empirical analysis,think that should be considered in the practical application of the laws and regulations and government behavior on the influence of the state of company credit risk,although build ZETA model can analyze the discriminant real state of the credit risk of listed companies,but it is often overshadowed by the short-term benefit the government behavior.Therefore,this paper suggests that in the actual application of ZETA model for credit risk measxurement of listed companies,attention should be paid to the continuous improvement and modification of ZETA model,and the possible impact of other factors on credit risk of listed companies should be taken into account.In the credit risk management of listed companies,in addition to listed companies should improve their awareness of credit risk management and credit risk management ability,strengthen internal control of the company;government departments should also strengthen the supervision of listed companies,improve laws and regulations,and build a social system of integrity at the same time,straighten out their position.We should prevent and resolve the financial crisis and weaken the impact of government actions on individual enterprises.These findings and suggestions are of practical significance for credit risk measurement and management of listed companies in China.