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中小企业融资困难一直是困扰我国的一个难题。造成这一现象的主要原因有缺乏可供抵押的财产、企业规模和信用较低、现代经营管理理念落后等。本文在阅读大量文献的基础上,运用基于期权定价理论的KMV模型,选取2011年~2014年仍在发行中的中小企业集合债中的50家中小企业为例,运用Excel、MATLAB软件进行参数的计算,最终得出各组样本的违约距离,然后运用SPSS软件进行显著性检验,结果显示低风险组的违约距离显著高于高风险组与实际情况相一致。最后对我国中小企业集合债券的信用风险度量提出了相关建议。
The financing difficulties of SMEs have always been a problem plaguing our country. The main reasons for this phenomenon are the lack of property available for mortgages, the low scale and low creditworthiness of enterprises, and the backwardness of modern management concepts. On the basis of reading a large amount of literature, using the KMV model based on the option pricing theory, this paper chooses 50 small and medium-sized enterprises (SMEs) that are still in the process of offering debt in 2011-2014 as an example. By using Excel and MATLAB software, Finally, the default distance of each sample was obtained, and then SPSS software was used to test the significance. The results showed that the default distance of low-risk group was significantly higher than that of high-risk group. Finally, some suggestions are put forward for the measurement of the credit risk of China’s SME bond.