基于KMV模型的科技型中小企业信用风险评估

北京理工大学珠海学院2020届本科生毕业论文Credit Risk Assessment of Small and Medium-sized TechnologicalEnterprises Based on KMV ModelAbstractWith the rapid development of economy,science and technology are no longer superior.It is integrated into everyone's life,attracting numerous talents to devote themselves toresearch and development of new technology with its unique charm.Small and medium-sizedtechnology-based enterprises emerge as the times require,such as springing up in the rain andfull of vitality.This trend will show its head in the economic market in the next few years.However,small and medium-sized technology-based enterprises have the advantages of"small and fine,small and beautiful",but their disadvantages can not be ignored.The smallscale of the enterprise also represents the lack of capital reserve and the lack of risk-takingability of the enterprise.And the high profits brought by science and technology mean thatenterprises always face high risks.If we want the enterprise to develop continuously andhealthily,the problem of enterprise credit risk plays an important role in the development ofthe enterprise.Enterprises with good credit mean that they have good business ability,so theycan get high loans from banks to support technology development.Therefore,this paper iscommitted to mining the factors that affect the credit risk of small and medium-sizedtechnology-based enterprises and analyzing the development prospects of this type ofenterprises.Based on the previous views,the research methods are mainly literature analysis,case analysis and empirical research.This paper extracts 20 small and medium-sizedtechnology-based enterprises from gem as samples,then exports the stock data of 20enterprises in five years in wind database,calculates the default distance of enterprisesthrough KMV model,understands the credit risk degree faced by sample enterprisesaccording to the default distance,analyzes the results,and properly tests the applicability ofKMV model to this study.Finally,through multiple linear regression,the paper analyzesseveral factors that affect the credit risk of enterprises,and puts forward some suggestions forreference to solve these factors.After the research,it is found that although there are some deficiencies in small andmedium-sized technology-based enterprises,combined with the results calculated by KMVmodel,the development prospects of these types of enterprises are very good.In today'sincreasingly developed science and technology,enterprises have many developmentopportunities,which are worthy of the favor of investors.In addition,enterprises can improve