Empirical Analysis of Default Risk in High-Tech Enterprises Using the KMV Model on the Growth Enterprise Market
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Abstract
Given the default risk faced by enterprises, this study employs the KMV model to conduct an empirical analysis utilizing market data from technology-based firms listed on the main board and the Growth Enterprise Market (GEM). It calculates the distance to default and the probability of default for technology-based companies of various sizes. Following this, a sensitivity analysis is performed to examine the impact of different factors on default risk. Based on the empirical findings, the study offers recommendations for the financing system and risk management strategies pertinent to the government, financial institutions, and enterprises.
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