本文选取了我国40家已完成股权分置改革的非ST上市公司的数据,测算基于期权定价理论的KMV模型中的违约距离,并以企业的规模、成长能力、公司治理、偿债能力、营运能力作为影响上市公司信用风险的主要因素,建立回归模型分析上述因素对违约距离影响,得出公司规模、成长能力、营运能力对违约距离影响不显著,而偿债能力对违约距离有显著影响的结论,并给出了相关的对策和建议。 This paper chooses the data of 40 non-ST listed companies that have completed the reform of non-ST in China, estimates the default distance in the KMV model based on the option pricing theory, and uses the scale, growth ability, corporate governance, solvency, Ability as a major factor affecting the credit risk of listed companies, establish a regression model to analyze the impact of the above factors on the default distance, come to the company scale, growth ability, operational capacity of the default distance is not significant, and solvency has a significant impact on the default distance Conclusion, and gives the relevant countermeasures and suggestions.