NO.PZ2018123101000110
问题如下：
Kreming suggests using a model to predict the rating change of Bond IV using leverage ratios, return on assets, and macroeconomic variables. Kreming’s suggested model for Bond IV is a:
选项：
A.structural model.
reduced-form model.
term structure model.
解释：
B is correct. A reduced-form model in credit risk analysis uses historical variables, such as financial ratios and macroeconomic variables, to estimate the default intensity. A structural model for credit risk analysis, in contrast, uses option pricing and relies on a traded market for the issuer’s equity.
1.leverage ratio, return on asset，这些不是公司内部信息吗？
2.如果说财报有披露上述数据，那更说明了asset value，还有liability也很可以从财报里看出来不是么
