【摘要】：科技型中小企業(yè)是科技創(chuàng)新的主體,是優(yōu)化我國產(chǎn)業(yè)結(jié)構(gòu)、推動經(jīng)濟供給側(cè)結(jié)構(gòu)性改革、促進社會生產(chǎn)力水平提高的重要力量,現(xiàn)在已經(jīng)成為促進我國經(jīng)濟發(fā)展水平提高的一股強大力量。從全球性的金融危機以來,信用風(fēng)險越來越嚴(yán)重,其主體從金融銀行業(yè)轉(zhuǎn)為企業(yè),一個公司的信用風(fēng)險高低制約企業(yè)的信貸規(guī)模和公司盈利水平�？萍夹椭行∑髽I(yè)的融資渠道少和融資難制約其快速的發(fā)展,信用風(fēng)險高是科技型中小企業(yè)融資難的很大原因,其中信用風(fēng)險的評估的不當(dāng)是融資難的根源所在。KMV模型是我國目前度量信用風(fēng)險的高級模型,具有前瞻性和動態(tài)性的優(yōu)點。因此,本文選擇KMV模型對科技型中小企業(yè)上市公司的信用風(fēng)險進行度量。本文運用KMV模型對科技型中小企業(yè)的信用風(fēng)險進行度量,為金融機構(gòu)度量和研究信用風(fēng)險提供參考。本文首先對國內(nèi)外信用風(fēng)險的相關(guān)文獻進行了歸納和總結(jié),并且介紹了信用風(fēng)險和科技型中小企業(yè)的相關(guān)理論,其次介紹了現(xiàn)代信用風(fēng)險度量模型中KMV模型的基本思路、假設(shè)條件、計算步驟和優(yōu)缺點,并提出KMV模型適合度量科技型中小企業(yè)的信用風(fēng)險的觀點。在此基礎(chǔ)上以創(chuàng)業(yè)板的60家科技型中小企業(yè)上市公司為研究對象,使用KMV模型以科技型中小企業(yè)為研究目標(biāo)對其信用風(fēng)險進行了評估求出了違約距離,并對其進行檢驗,然后從公司規(guī)模、公司治理、償債能力、營運能力、盈利能力和成長能力等方面對公司的信用風(fēng)險進行影響因素進行多元回歸分析,結(jié)果顯示總資產(chǎn)占比、總資產(chǎn)周轉(zhuǎn)率、凈資產(chǎn)收益率、營業(yè)收入增長率和流動比率是影響信用風(fēng)險變動的主要因素。最后得出了本文的結(jié)論并提出關(guān)于科技型中小企業(yè)的信用風(fēng)險的相關(guān)建議。本文的研究一方面可以評估樣本公司的信用風(fēng)險,有利于金融機構(gòu)對科技型中小企業(yè)上市公司貸款融資提供依據(jù),另一方面可以加強企業(yè)自身的信用風(fēng)險管理。
[Abstract]:Science and technology small and medium-sized enterprises are the main body of science and technology innovation. They are the important force to optimize the industrial structure of our country, to promote the structural reform on the supply side of the economy, and to promote the improvement of the level of social productivity. Now it has become a powerful force to promote the level of economic development in our country. Since the global financial crisis, the credit risk has become more and more serious, its main body has changed from the financial banking to the enterprise, the credit risk of a company restricts the enterprise's credit scale and the company's profit level. The lack of financing channels and the difficulty of financing for small and medium-sized scientific and technological enterprises restrict their rapid development. The high credit risk is the major reason for the difficulty of financing for the small and medium-sized technological enterprises. The improper evaluation of credit risk is the root of the difficulty of financing. KMV model is the advanced model to measure credit risk in China at present, which has the advantages of prospective and dynamic. Therefore, this paper chooses KMV model to measure the credit risk of the listed companies. In this paper, KMV model is used to measure the credit risk of small and medium-sized technological enterprises, which provides a reference for financial institutions to measure and study credit risk. In this paper, we first summarize the relevant literature on credit risk at home and abroad, and introduce the relevant theories of credit risk and science and technology small and medium-sized enterprises, and then introduce the basic ideas of KMV model in modern credit risk measurement model. The assumption conditions, calculation steps, advantages and disadvantages, and the point of view that KMV model is suitable to measure the credit risk of small and medium-sized technological enterprises is put forward. On the basis of this, 60 listed companies in the gem are taken as the research object, and the credit risk of the SMEs is evaluated by using KMV model, and the distance of default is calculated and tested. Then, from the aspects of company size, corporate governance, solvency, operating capacity, profitability and growth ability, the factors affecting the credit risk of the company are analyzed in multivariate regression analysis. The results show that the ratio of total assets to total assets, the turnover rate of total assets, etc. The rate of return on net assets, the growth rate of operating income and the current ratio are the main factors influencing the change of credit risk. Finally, the paper draws a conclusion and puts forward some suggestions on credit risk of small and medium-sized S & T enterprises. On the one hand, the research in this paper can evaluate the credit risk of the sample company, which is helpful for the financial institutions to provide the basis for loan financing of the listed companies of small and medium-sized technological enterprises, on the other hand, it can strengthen the credit risk management of the enterprises themselves.
【學(xué)位授予單位】：貴州財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F276.44;F275;F832

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