中文摘要：

银行作为债权人将资金放贷给企业，企业无法按时偿还本金，由此带来的风险称为信用风险。本文选择了44家配对上市公司，采用KMV模型对上市公司的信用风险进行度量，实证结果显示，KMV模型对于度量上市公司信用状况具有一定的适用性，但如果将KMV模型与PFM模型相结合，KMV模型使用的范围更加广泛。针对外部信用风险产生的原因，本文还给出了减小外部信用风险的建议。

英文摘要：

Banks, as the creditors, will fund lending to the enterprises, and if the enterprises can＇t timely repay the principal, the risk known as credit risk will be resulted. This paper chooses 44 pairing listed companies, employing the KMV model to measure their credit risk. The results show that the KMV mudel has some applicability to measure the credit status of listed com- panies. However, if the KMV model is combined with the PFM model, its application scope will be wider. According to the external cause of credit risk, this paper also put forward suggestions on how to reduce external credit risk.