求翻译：KMV模型的优点在于其将违约与公司特征而不是公司的初始信用等级联系在一起，使其对债务人质量的变化更加敏感；同时，它通过股票价格来测算上市公司的预期违约概率，因而市场信息也能被反映在模型当中，使其具有一定的前瞻性，模型的预测能力较强；并且，由于该模型使用的变量都是市场驱动的，表现出更大的时变性，因此持有期的选择比信用度量术模型更加灵活。是什么意思？

KMV model has the advantage lies in its breach of contract and firm characteristics rather than the company's initial credit rating linked, making it more sensitive to changes in the quality of the debtor; the same time, through the stock prices of listed companies is expected to measure the probabi

KMV the benefits of the model is that it will default to a company's identity, rather than the initial credit rating tied together so that it changes the quality of the debtor more sensitive; at the same time, it adopted to calculate stock price listed companies expected default probability of marke

But the KMV model merit will lie in it to break a contract and the company characteristic will not be company's initial credit rank relates in, will make together it to be more sensitive to the debtor quality change; At the same time, it surveys to be listed through the stock price the anticipated v

KMV model of advantages is its will default and company features and not company of initial credit grade contact in together, makes its on debtor quality of changes more sensitive; while, it by stock price to calculation listed company of expected default probability, and market information also can

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