基于 KMV 模型的安徽省上市中小企业信用风险分析

摘要

This paper selects ten SME listed in the small and medium-sized board and main board in Anhui province,based on the results of financial indicators and KMV model,we come to the conclusion that labor intensive listing corporation have a short distance to default and more credit risks than technology in-tensive listing corporation.Listed enterprises have common characteristics:current liabilities accounted for the major part of liabilities;large volatility of the equity value and small assets scale.In the start-up and growth stage,SME face a significantly higher risk of default.Finally,we suggest that banking institutions should pay more attention to the small and medium-sized enterprise’s non-financial information and strengthen the disclosure of information on the listing corporation.%选取10家安徽省中小板和主板上市的企业，基于财务指标和 KMV 模型度量结果，实证分析了两大板块上市公司信用违约风险的差异性，得出结论：劳动密集型上市公司较技术密集型上市公司，违约距离更短，信用风险更大；上市中小企业的负债结构以流动负债为主，股权价值波动率大，资产规模较小，处在初创期和成长期公司风险明显较高，违约距离更短，建议银行等金融机构应更加重视中小企业非财务信息，加强对上市公司信息披露。