摘要
采取供应链金融模式可以有效缓解医药行业融资难,资金流压力大等问题,但也需要对供应链金融信用风险进行严格把控。本文选取A股医药行业上市的14家有代表性的核心研发企业、制药经销企业以及零售经销商为样本,收集其2020年9月30日到2021年9月30日的股票价格数据,运用Eviews 10与MATLAB,通过修正KMV模型测算我国医药行业供应链中上市企业信用风险。通过行业内比较,可以对医药行业供应链金融相对违约风险较为有效的评估。结果表明,修正KMV模型能够较好地量化对医药行业供应链金融信用风险,对以后的研究与金融实践有一定的参考意义。
Adopting the supply chain financial model can effectively alleviate the financing difficulties,as well as the capital flow pressure of the pharmaceutical industry,thus it is necessary to control the credit risk of pharmaceutical supply chain finance strictly.In this paper,14 representative core R&D companies,pharmaceutical distribution companies and retail distributors listed in the A-share pharmaceutical industry were selected as samples,their stock price data from September 30,2020 to September 30,2021 was collected to calculate the credit risk of listed companies in the supply chain of China's pharmaceutical industry with modified KMV Model,using Eviews 10 and MATLAB.Based on comparison of the default distance among the industries,the relative default risk of supply chain finance in the pharmaceutical industry was effectively obtained.The results show that the modified KMV model can quantify the financial credit risk of the pharmaceutical industry supply chain well,which has certain reference significance for future research and financial practice.
作者
姜南好
Nanhao Jiang(School of Management Engineering,Nanjing University of Information Science&Technology,Nanjing 210044,China)
关键词
供应链金融
信用风险
修正
KMV
模型
Supply Chain Finance
Credit Risk
Modified KMV Model
Pharmaceutical Supply Chain
