In order to construct a jump-diffusion KMV model, the jump factors of asset price was introduced to improve the traditional KMV model. From the perspectives of industry attribute, company attribute and company size, the jump risk and credit risk of each company were measured separately. Then, the default distance measured by the model was used as the dependent variable, the economic cycle, jump risk and indicators reflecting the company’s own operating conditions were selected as independent variables, and the fixed effect model was used to empirically test the influencing factors of corporate credit risk. The results show that the use of the jump-diffusion KMV model to measure the credit risk of listed companies is effective, and the measurement results are consistent with the actual situation in our country. Meanwhile, the credit risk of a company is significantly positively correlated with its own solvency ability and jump risk. And it has a significant negative correlation with its profitability, growth ability, operating ability and macroeconomic conditions