中文摘要：

利用KMV模型对14家（7家ST和7家非ST）公司进行信用风险度量分析,结合中国股票的实际情况,对KMV模型中的股权资产价值和股权资产价值波动率进行了修正,再利用修正后的模型进行实证分析.分析结果表明,ST公司比非ST公司有更高的信用风险,且对于陷入困境的ST公司,KMV模型也提供了一种全新的角度来度量其信用风险.

英文摘要：

The credit risk of 14 companies （7 ST and 7 non-ST） is measured by KMV model. The KMV model is modified in the value of assets and the value volatility of assets,according to the actual situation of Chinese stocks. The modified model is then used for empirical analysis. The results show that ST companies have a higher credit risk than non-ST companies,and for the troubled ST company, KMV model also provides a new perspective to measure the credit risk.