Study On Credit Risk Assessment Of Listed Companies

With the rapid growth of credit in today's global economy, problems related to credit risk have attracted much attention. Credit risk has become one of the important risks which financial institutions have to face. Market economy naturally is credit economy. The listed companies are a major participant of market economy, so the credit of listed companies should be paid more attention to. It is practical significance to security market supervision, to investor's interests' protection and to credit organization's risk control. As one of means in order to avoid credit risk, credit assessment is the outcome for the development of market economy. The importance and the improved function of the market economy have been proved by the research and the practice in developed countries.First of all, the paper reviews the literatures about the credit risk measurement of other countries and China in this field. Then introduces the related concepts of credit risk of the listed companies. Second of all, the paper introduces the developing of the credit evaluated models briefly and compairs them. Basing on this, the paper chose the models which are more suitable to measure the credit risk of our country's listed companies, and explaining the theories of these models detailed. Third of all is the empirical research, which is the core of the paper. The paper chose 118 listed companies which are not special treated and 74 which are special treated as the samples, establish the indexes system. We design a profit BP-Neural Network model in Matlab7.0. After many times of train, we get a profit model. The last part is simulation. In ordor to test the effect of the model, we need to simulative it. Put in the index of these companies which are not use to train. Compair the ouputs with targets, we get the result. The correct rate of this model is 85.42%. Can be seen that the model of credit risk assessment on listed companies is effective.