An Empirical Study On Credit Division Risk Measurement Of Listed Companies In China Based On KMV Model

With the development of our socialist market economy,the role of financial industry in our national economy has become increasingly prominent,and its impact has penetrated into all aspects of my social life.As an important financial institution in China's financial industry,traditional commercial banks often face a series of risk problems including operational risk and market risk in their economic activities such as capital lending,among which credit risk is the most important one.Traditional credit risk is often expressed as the individuality of its occurrence,and does not have a certain degree of industry correlation.The occurrence of credit default events in one industry will not affect the normal capital operation of other industries.With the development of market economy and the close trend of financial globalization in China,all kinds of transactions occur between industries and countries all the time.There are more or less credit and credit relationships.The economic exchanges between countries are becoming increasingly close.Cr^edit risk in one field often affects other industries and even the whole financial system.Therefore,it is particularly important to measure the credit risk of Listed Companies in China.In the couirse of the research,this paper first comprehensively expounds the traditional credit risk measurement method and the modern credit risk measurement model system.Finally,the KMV model in the modern credit risk measurement model is selected as the research model in this paper.In order to measure and analyze the credit risk of real estate listed companies in China,this paper verifies the adaptability of this model in China.This paper makes an empirical study of the real estate industry in China using the credit risk measurement capability of KMV model,and then verifies the applicability of the model in China through significant test.This paper mainly selects enterprises with negative total profit as default group,and selects 10 matching profit groups as non-default groups according to the size of the company.The result shows that the default distance measured by the default group is significantly smaller than the default distance measured by the non-default group.At the same time,according to the research results,this paper has carried out a significant test.The final conclusion shows that the two sets of data have significant differences.Finally,the real estate industry proves that the model has a certain applicability in China's market.Finally,this paper puts forward multi-dimension suggestions for the limitations of the model in China's credit risk measurement,and finally puts forward several new research ideas according to the model characteristics.