This　paper　suggests　using　FCM　to　investigate　the　problem　of　credit　risk　evaluation　of　listed　companies　by　referring　to　some　domestic　and　abroad　researches　of　fuzzy　cognitive　map　and　credit　risk.　Firstly,　the　present　research　status　of　FCM　is　briefly　introduced.　Then,　this　paper　completely　studies　the　basis　theory　and　inner　inference　mechanism　of　FCM,　and　the　Active　Hebbian　Learning　(AHL)　algrithoms　of　it　are　especially　described.　Finally,　this　paper　studies　how　to　model　and　simulate　the　problem　of　credit　risk　evaluation　of　listed　companies　using　FCM.　The　first　section　of　this　part　analyzes　the　factors　that　affect　the　level　of　creid　risk　of　listed　companies;　then,　the　next　section　studies　how　to　construct　the　FCM　of　credit　risk　evaluation　of　listed　companies　based　on　qualitative　consideration.　In　the　end,　the　developped　FCM　model　is　tested　by　applying　the　AHL　algrithom　based　on　96　samples,　and　we　justified　the　effectiveness　of　the　FCM　model　for　evaluating　credit　risk　level　of　listed　companies.