Study On The Enterprise Credit Rating System Based On Investor's Benefits

With the development of society and promotion of market economy, the word "credit" has already no longer been an abstract noun, it has already linked to economic activities closely, and has become an indispensable ring in the economic activity chain day-by-day, the credit question has already been paid attention to more and more by society.Market economy is the credit economy, the production and exchange of commodities are unable to go on if being lack of credit today. What the credit rating based on creditor emphasizes are the creditor's benefits but not the shareholder's benefits; It is the evaluation of the credit risks especially of debt-paying ability, but not the assurance of investing remuneration. Under the situation of market economy developing highly and the meaning of credit expanding greatly, the credit rating based on creditor's benefits can't meet the requests of the development of economy and society. So it is necessary to build the enterprise credit rating system based on investor's benefits. It helps to expand the financing channel and reduce the financing cost on the one hand, at the same time it helps to offer guidance or suggestion for investor's investment decision, reduce the investment risk and lose and protect investors' interest on the other hand.On the basis of learning from the enterprise credit rating system based on creditor's benefits and regarding investor's benefits as the breakthrough point in study, firstly analyzing the meaning of credit rating based on investor's benefits, then defining its evaluation object and procedure,then building the evaluation index system , classifying evaluation grade finally , the article tries to structure a intact and organic enterprise credit rating system based on investor's benefits. In building the evaluation index system, the article analyses the external environment condition of enterprise, enterprise qualities , profitable ability , operation ability and developing ability beside considering its debt-paying ability and capital credit totally and then chooses 34 indexes to reflect investor's concerning fields and abilities of undertaking risk and lost concretely, andconfirms the weight of every index by the Analytic Hierarchy Process, selects industry criterion as the evaluation criterion.At last the article chooses 11 joint-stock companies of automobile industry of our country to carry on practical application with the relevant data of 2000 and 2003 .The article builds the enterprise credit rating system based on investor's benefits in order to develop the credit rating theory and expand its application field , and hope to make a positive exploration under the situation that our socialistic market economy is developing quickly and participating in international economic competition and cooperation more and more.