The Research On Credit Rating Of Listed SMEs In China Using The Approach Of Data-Envelop-Analysis

The Small and Medium-sized Enterprises (SMEs) of our country, have already been playing an important role, and have already been an irreplaceable strength in the market economy. Under China's reform-and-opening-up deepened ceaselessly, the SME are developing in a rapid way, on the same time, they are exerting a growing important effect in many aspects, such as in the motivation of economic growth, in the alleviation of employment pressure, the promotion of technical innovation and the development of national economy. However, the social position of SMEs has not kept pace with its fast change and growth.Because of the information asymmetry, it is hard for Commercial Banks and the outer investors to monitor the behavior of SMEs after they finish a debt or an investment. Therefore, from the aspect of financial risk avoidant, many commercial banks and outer investors choose to make no lending or invest. For private SMEs of our country, the major financing channel is to make loan from commercial banks, though for the listed SMEs, there seems to be more channels to get finance, the capital they get is not enough for their forward development and expansion, and they still need loans from commercial banks. Consequently, the financing difficulty has become a choke point that blocks the normal development of SMEs. Only when the problem of information asymmetry has been solved, can the problem of SMEs' choke point be improved thoroughly. And the enterprise credit rating system can effectively reduce the level of information asymmetry, provide a suggestion for financial institutions to make policy-decisions, enhance the efficiency of credit approval, and offer some helps to the outer investors to making investing decisions.Proper and perfect enterprise credit rating approach for SMEs, is conductive to strengthening the business cooperation between SMEs, is beneficial to enhancing the concept of competition for SMEs, and to tapping their strong point and potential, therefore to pulling the blossom of our economy. Since the it is not easy to get the data and information about the private SMEs of our country, this dissertation proceeds to analyze the research on the credit rating of listed SMEs in our country, with the method of Data-Envelop-Analysis (DEA), using the financial ratios of listed Small and Medium-sized Enterprise as sample, and taking into account of the characters of listed SMEs and the current state and standards of the credit rating system in our country. The approach, using DEA to making credit rating for the listed SMEs in our country, could avoid some defects from other enterprise credit rating models, and could arrive to an objective, comprehensive, and reasonable scoring result for the listed SMEs of our country. For the time being, the approach of using Data-Envelop-Analysis Model to carry out credit rating is still in the research level of theory, therefore, in this dissertation the steps of empirical test and effect sex argument have also been done to propose prove the new-proposed enterprise credit rating approach.