This　paper　aims　to　analyze　the　accuracy　and　effectiveness　to　predict　the　credit　risk　and　the　internal　relationships　between　the　KMV　model　based　on　market　information　and　the　Logistic　model　based　on　financial　information,　so　that　empirical　basis　can　be　provided　for　measuring　the　credit　risk　in　manufacturing　industry.　This　paper　shows　that　it　is　feasible　and　advantageous　to　combine　KMV　Model　with　Logistic　Model　to　measure　the　credit　risk　in　manufacturing　industry,　by　using　the　data　of　Chinese　listed　manufacturing　companies　between　2001　and　2009　as　the　reseach　sample.