上市公司的预期违约频率与该公司的信用资质变化吻合，并载有公司未来前景的情报性信号。

The expected default frequency of listed companies can be measured, which is identical with the change of the listed companies' credit quality.

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研究结果表明：（1）上市公司的股票价格波动与该公司的预期违约频率显著相关，且呈负相关关系；

The research comes to a conclusions : (1) The stock price fluctuation of listed companies is obviously related to its expected default frequency, and the relation is negative;

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研究结果表明：（1）上市公司的股票价格波动与该公司的预期违约频率显著相关，且呈负相关关系；

The research comes to a conclusions : (1) The stock price fluctuation of listed companies is obviously related to its expected default frequency, and the relation is negative;

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