Comparative study of credit rating of SMEs based on AHP and KMV model

摘要

This paper constructs credit rating model for small and medium-sized enterprises (SMEs) by the comparison of Analytic Hierarchy Process (AHP) and the modified KMV model (Or called KMV-Merton model). Mainly based on the analysis of financial situation, stock price and other related data in printing industry in listed company in 2012-2014, we compare the differences between the two theories in credit rating, verify the data rationality, broaden the thought of result reliability and explore how to strengthen the SEMs credit rating system in our country. The research will have certain help on enhancing the credit rating management.