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中小企业融资难问题与其信用风险息息相关。本文选取河南省29家上市公司样本数据,将样本分为大型企业和中小企业两组,通过修正的KMV模型计算其预期违约率,并做出企业预期违约率与其资产负债率的散点图。实证结果表明中小企业的预期违约率明显高于大型企业,企业的预期违约率与资产负债率呈负相关关系,即河南省中小企业融资难的一个重要因素是因为其自身信用风险较高。为了使中小企业快速发展,中小企业应提高自身信用水平,同时商业银行应在风险可控的基础上对中小企业贷款的标准有所放宽。
The problem of SME financing is closely related to its credit risk. This paper chooses the sample data of 29 listed companies in Henan Province. The sample is divided into two groups: large-scale enterprises and small-medium enterprises. The corrected default KMV model is used to calculate the expected default rate and the scatter chart of the expected default rate and debt-to-asset ratio. The empirical results show that the expected default rate of SMEs is significantly higher than that of large enterprises, and the expected default rate of enterprises is negatively correlated with the ratio of assets and liabilities. That is to say, an important factor in financing difficulties of SMEs in Henan Province is the high credit risk of SMEs. In order to make SMEs develop rapidly, SMEs should improve their own credit standards, meanwhile, commercial banks should relax the standards of SME loans on the basis of risk control.