基于KMV模型的我国中小板上市公司信用风险研究

发布时间：2018-02-22 21:17

本文关键词： KMV模型信用风险中小板上市企业　出处：《沈阳理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：当前形势下，世界各个经济大国的表现普遍疲软，全球经济正处在危机后的调整期。这也使当前国际经济的未来发展前景整体难以预测和把握；国内原有竞争力优势、增长动力逐渐削弱，新优势尚未形成，市场信心和预期不稳，经济运行处在寻求新平衡的过程中。债务危机和信贷危机将在中国大面积的出现，加上西方特别是欧元区的经济的低迷，对中国手上的外汇和外国债券都造成了大面积的缩水冲击，房地产市场也持续低迷，处于危机中的我国商业银行和其他金融机构面临较为严重的打击。我国的中小企业提供了60%的GDP，90%的就业，这个群体在推动全中国，全世界的商业文明进步。然而，劳动力成本不断提升，融资依然很困难，融不到钱，借不到钱的现象依然十分普遍，如何去帮助中小企业更好更快成长，有没有什么好的办法、策略和政策，这是我国面临的重大问题。中小企业是推动国民经济发展，构造市场经济主体，促进社会稳定的基础力量。特别是当前，在确保国民经济适度增长、缓解就业压力、实现科教兴国、优化经济结构等方面，均发挥着越来越重要的作用。为此，我国已经对中小企业的发展扶持，特别是小企业的产业升级指导当成一项战略任务来抓。然而，由于中小企业具有公司治理薄弱、财务管理不够健全、抵质押品不足等特点，中小企业贷款信用风险较高，再加上中小企业授信规模小，融资成本高，中小企业贷款一直是银行，贷款紧缩的背景下，银行贷款的门槛也越来越高。本研究以我国中小型上市公司板块需要加强信用风险管理的实际情况为工作抓手，以通过KMV模型对中小型上市公司板块实施信用风险测量的方法，以对中小型企业信用风险的有效合理评估为目的，为银行及金融机构提供相应的决策依据，改变目前中小企业融资难的状况，，促进中小企业的发展。
[Abstract]:Under the current situation, the performance of the world's major economic powers is generally weak, and the global economy is in a period of adjustment after the crisis. This also makes it difficult to predict and grasp the overall future development prospects of the current international economy. Growth momentum is weakening, new advantages have not been formed, market confidence and expectations are unstable, and the economy is in the process of seeking new balance. The emergence of the debt crisis and the credit crisis in a large area in China, coupled with the economic downturn in the West, especially in the euro zone, has caused a massive shrinkage impact on China's foreign exchange and foreign bonds, and the real estate market has also continued to be depressed. China's commercial banks and other financial institutions in the crisis are facing a more serious blow. Small and medium-sized enterprises in China provide 90% of GDP employment, and this group is driving the progress of business civilization throughout China and around the world. However, with the rising labor costs, financing is still very difficult, unable to raise money. The phenomenon of not being able to borrow money is still very common. How to help small and medium-sized enterprises grow better and faster, and whether there are any good ways, strategies and policies, this is a major problem facing our country. Small and medium-sized enterprises are promoting the development of the national economy. To construct the main body of the market economy and to promote social stability, especially at present, in ensuring the moderate growth of the national economy, alleviating the employment pressure, realizing the rejuvenation of the country through science and education, and optimizing the economic structure, etc. Therefore, our country has been supporting the development of small and medium-sized enterprises, especially the industrial upgrading of small enterprises as a strategic task. However, because SMEs have the characteristics of weak corporate governance, inadequate financial management, insufficient collateral, and so on, the credit risk of SMEs is high, and the scale of SME credit is small, and the financing costs are high. Small and medium-sized enterprises loan is bank all the time, the background that loan is tight, the doorsill of bank loan is also higher and higher. This research takes the actual situation that the small and medium-sized listed companies need to strengthen the credit risk management as the work, in order to carry out the credit risk measurement method through the KMV model to the small and medium-sized listed companies' plate. In order to evaluate the credit risk of small and medium-sized enterprises effectively and reasonably, this paper provides the corresponding decision basis for banks and financial institutions, changes the current situation of financing difficulties of small and medium-sized enterprises, and promotes the development of small and medium-sized enterprises.
【学位授予单位】：沈阳理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F272.3;F832.51;F224

【共引文献】