Expected default probability is one of important approaches to evaluate the credit risk of listed companies. Based on KMV model and the Hall and Miles methods, this article provide a system to estimate of default probabilities of listed company and to build the credit risk model. The method is simple for it only requires company's stocks data, and can reflect the current credit quality of listed company. It avoids lagged credit rating information and other complicated financial data. We give credit rating results of listed company and compare it with Xinhua Far East China Ratings (PI) Results. We find that two results is positive correlation, which prove the efficiency of the model.

Credit risk；KMV model；China’s listed company