Model Construction And Empirical Study On Credit Risk Evaluation In Chinese Listed Companies

It is a very complicated system of listed company or enterprises. Many special credit risks appraisal agencies carry on overall credit risks grading of the company or enterprises in abroad, for instance, famous Moody credit rating Company, Standard and Poor company. These appraisal agencies mainly consider commercial competition situation and financial situation of the company or enterprise when they evaluate the credit risk assessment. In recent years, there still exist a lot of listed companies being specially transacted for their abnormal financial position in Chinese stock market; this kind of bankruptcy credit has been a common question .Research on the credit risk management of listed companies has great significance, Keeping down which can be propitious to stock market supervision, the credit risk and protecting stock investors' advantage.It is in this context of times that the paper studies the credit risk evaluation, which is the fundamental factor in the credit risk management. The paper has introduced the definition and classification of the credit risks of listed companies at first. Then the paper reviewed the literature about methods and articles relative to credit risk measurement. At last it selected 135 annual financial statement of 135 listed company in 2005 as the sample studying. Then through the Factor Analysis approach and the Logistic return to analytic approach in the SPSS statistical analytic software, it set up a new model that based on financial statement to assess the credit risks of listed company in our country. Positive researches indicated that the prediction correct rate of sample is satisfied.