财务分析与证券定价chapter21.pptVIP

Chapter 21 The Analysis ofCredit Risk 第一页，共二十五页。 Links第二页，共二十五页。 What you will learn from this chapterHow default risk determines the price of credit (the cost of debt capital)What determines default riskHow default risk is analyzedHow credit scoring models workHow pro forma analysis aids in assessing the default riskHow value-at-risk analysis is used to asses default riskHow financial planning works第三页，共二十五页。 Default Risk and Default Premiums Required Return on Debt = Risk-free Rate + Default Premium The default premium is determined by the risk that the debtor could defaultSimilar terms: R