The GEM Credit Risk Research of Listed Enterprise Based on KMV Model
|School||Chongqing Jiaotong University|
|Course||Management Science and Engineering|
|Keywords||KMV default distance credit risks GEM listed enterprises in westernregions|
On April20,2012,The Delisting system of GEM was formally launched, and itwas implemented on May1.With the approach of delisting risk, the GEM was againpushed to the forefront.Since the GEM was officially opened on October30,2009, which has attract thefocus of everyone at once.The establishment of the GEM not only provid convenient financing channels forChina’s SMEs, safe exit mechanism for venture capital, but also make a completecapital market support system for our new technology industry, greatly meet the demandof diversified investment subject and promote the competitiveness of China’s capitalmarket. The most of enterprise which go public through GEM are high-tech and highgrowth, however, since the scale of enterprises is small, the development of enterprisewas relatively immature, and some reasons the GEM itself had, the GEM is a marketwhich risks and opportunities coexisted.Aimed at the western region where the environment of economic development isrelatively slower, the set up of GEM opened the door for SMEs of western regionsreally, but as a result of the economic development environment of western region itself,the lack of economic vitality, and the small number of high-tech enterprises, andinconvenient transportation infrastructure, etc, although the GEM had set up for morethan two years, the effect of promoting the economic development in western region isalso poor.By empirical Analysis, this paper will list enterprises which go public throughGEM in western regions as the research scope and boundary, and the credit risk as theresearch object. One the one hand, Analyses of current situation of the credit risk ofthese enterprises, so as to solve the blank research for credit risk of GEM in westernregions, on the other hand, the research provides investors with more information aboutthe value of the western listed companies, the research which aim at speeding up thedevelopment of enterprises in western China also has important practical significance.According to the final empirical results, the credit risk level of western region dohave some differences, compared with Central and eastern regions, and under the sameindustry, the credit risks of different regions is also different.At the same time, Underthe strong support of national policy, medical biological industry development in western China is excellent, the credit risk of which is low, and development of themachinery and the information technology industry is slightly fall behind.