CAJ | 학술논문

食品行业作为我国的＂民心行业＂,安全问题日益凸显。作为我国食品行业领域最具代表性的企业——食品行业上市公司,诸如食品安全等多种违规现象带来的巨大投资风险严重困扰着广大投资者。本文从如何规避上市公司信用风险入手,通过分析利用KMV模型型,运用MATLAB软件,对我国食品行业4家上市公司6年的财务数据进行了违约距离和违约率的实证分析。结果显示,KMV模型能较好地识别上市公司的信用风险能力力,能够为金融机构、投资者和普通消费者揭示食品类上市公司的信用风险。
식품행업작위아국적＂민심행업＂,안전문제일익철현。작위아국식품행업영역최구대표성적기업——식품행업상시공사,제여식품안전등다충위규현상대래적거대투자풍험엄중곤우착엄대투자자。본문종여하규피상시공사신용풍험입수,통과분석이용KMV모형형,운용MATLAB연건,대아국식품행업4가상시공사6년적재무수거진행료위약거리화위약솔적실증분석。결과현시,KMV모형능교호지식별상시공사적신용풍험능력력,능구위금융궤구、투자자화보통소비자게시식품류상시공사적신용풍험。
Food safety problems have become increasingly prominent in the food industry in China. In the most representative enterprises of the food industry, i.e., the food industry listing corporations, huge investment risks such as food security and other irregularities have troubled investors seriously. This paper employs KMV model and MATLAB software to measure the credit risks of listed companies in food industry. Six years＇ financial data of these companies are collected for empirical research on default distance and default rates. The results show that KMV model can well identify the ability of credit risks of listed companies, which provides a good way for financial institutions, investors and consumers to measure the credit risks of listed companies in food industry.