我国上市公司的行业信用风险研究——运用“Z评分模型”评价

Apply Z-Score Mode to Evaluate the Industry Credit Risk of the Listed Companies

不同行业上市公司的信用风险度量问题,长期以来一直是各方当事人关注的焦点,也是困扰各利益相关主体的难题。在这方面,西方发达国家长期以来广泛使用的信用风险管理模型为我们提供了很好的借鉴。因此,选用由美国著名信用风险管理专家Altman建立的"Z评分模型"来对我国上市公司的行业信用风险分析评价进行实证研究,验证其在我国股票市场的有效性程度,是对解决该问题的一种尝试。

The credit risk of companies, especially the listed ones, has been the focus of the related parties for a long time. The management models of credit risks which have been used by various enterprises in western countries set good examples for us. Consequendy, this essay chooses the＂Z-Score Model＂ , which was developed by Altman, the famous American expert in risks management, to analyze and evaluate the listed companies＇ industry credit risks .in China and to verify its efficiency to Chinese stocks market.