Research On The Credit Rating Evaluation Of Small And Middle Sized Enterprises

There are a lot of small-and medium-sized enterprises (SMEs) in China. SMEs have become an important force in the providing job opportunity, taxes payment and other economic and social development area. For the market is increasingly competitive today, small and medium sized enterprises will face bankruptcy risk, because its scale of production is limited, capacity to resist risks is low, the ability of accumulating capital is weak. At the same time, due to a higher risk of operation of these enterprises, the prospects of SMEs's development are difficult to predict. The financial institutions are often very cautious in provide loans to SMEs. At present, financing difficulties has become a key issue of a constraint that restricts the development and growth of SMEs.When making loans, financial institutions always take company's credit evaluation result as an important reference. So evaluating the credit situation reasonably can enhance finance ability of SMEs. But because small and medium sized enterprises are usually small scale, are low credibility, there are no credit evaluation methods especially for SMEs at present. How to do credit ratings according to the characteristics of SMEs is the main study content of this disseration.First, credit theories and credit evaluation methods commonly used are introduced. The scope of small and medium enterprises is defined and the characteristics of SMEs are analyzed. Through the analysis of the factors affecting credit rating, affecting factors of enterprise credit are divided into two parts which are credit factors and credit willingness factors. By examining the two types of factors deeply, SME credit evaluation index system is established based on the characteristics of SMEs. A two-stage credit evaluation method is used in this disseration. In the first phase of credit evaluation, a Z model is used as a screening method. Screening results can guide the credit evaluation in the next phase.In the second phase of credit evaluation, risk-based credit evaluation model is used. Considering the characteristics of SMEs, the analytic hierarchy Process is used to determine credit evaluation index weight. By using the credit evaluation index weight, enterprise credit is evaluated. At the same time, risk fields of enterprise are determined. Considering the results of the first phase credit rating, risk of enterprise is analyzed, to achieve all-round evaluation of SME credit.Selecting a small and medium sized enterprise in Heilongjiang province as example, using the two-stage model of credit rating, credit rating of the enterprise is evaluated. The evaluation result shows that the credit evaluation model given in this disseration is feasible and reasonable. Finally, from the perspective of macro and microeconomic separately, countermeasures and suggestions for SMEs credit evaluation are given for governments and credit rating agencies.