Research On The Rating For Hi-tech Enterprises

With the coming of the intellectual economy era, more and more attention has been paid to high-tech enterprises which play as carriers of the intellectual economy. It is true that the development of hi-tech enterprises has become an important impetus to the improvement of national economic structure and economic growth.Up till now not many studies have been conducted as to the appraisal of hi-tech creditworthiness which in fact plays an important environmental factor in the development of hi-tech enterprises. Consequently, this dissertation tries to establish an appraisal system for hi-tech enterprises.The dissertation incorporates the characteristics of hi-tech enterprises into the creditworthiness appraisal of conventional enterprises and mainly deals with the factors which determine the creditworthiness of hi-tech enterprises. Moreover, the dissertation has devised an index system which includes qualitative indexes and quantitative ones according to the creditworthiness determinants of hi-tech enterprises. Finally, the dissertation adopts AHP approach for the arrangement of weights of these indexes, grey appraisal and fuzzy appraisal to appraise the corresponding indexes according to the nature of them, so as to ensure a scientific and accurate appraisal.The dissertation resorts to the approaches of subjective evaluation and experts' opinions in the course of appraisal. As Chinese hi-tech enterprises present themselves in the phase of growth on the whole, concerns as to their creditworthiness should not be confined to financial analyses on those short-term accounting data only and instead much attention should also be paid to those non-financial determinants which will affect the prospect of the hi-tech enterprises. Hence, the experts' opinions and the subjective evaluation which is different from conventional evaluation approaches will be referred to so as to reach accurate conclusions based on these non-financial information.The dissertation has made an attempt to form a scientific and accurate creditworthiness appraisal of hi-tech enterprises. In the last part of the dissertation, an IT enterprise is cited as an example to verify the appraisal program and method proposed by the author.It is a regular but challenging task to conduct the creditworthiness appraisal of hi-tech enterprises. As hi-tech enterprises, determinants of their creditworthiness and the selection of appraisal indexes vary, it is necessary to adjust the job of appraisal accordingly so as to assure a quality appraisal.