Credit risk assessment of expressway listed company in China
In order to research the impact of financial crisis on the credit risks of expressway enterprises,16 expressway listed companies in China were chose as samples,the half-year default distances of the companies from the second half of 2008 to the first half of 2012 were calculated by using KMV model,and the changing trends of credit risks were analyzed.Calculation result shows that default distance increases with an average growth rate of 20.11%,and the credit risk decreases gradually.The Spearman's correlation coefficients between the credit risk and China's half-year GDP growth rate and expressway sector index are-0.012 and-0.381 respectively,so the inherent correlations are not significant.The influence of the volatility of enterprise's market value on the level of credit risk is greater than the negative influence of the level of current liability.Expressway listed company in China still has high investment value.