Research On Credit Risk Evaluation Of Companies Listed On GEM Based On Grey System Theory

China's development of GEM(Growth Enterprises Market) is to provide more convenient to SMEs(Small Medium-sized Enterprises) Financing, As venture capital to create a normal exit mechanism. The greatest feature of GEM is to lower barriers to entry,operational requirements is the strict,has the potential to help SMEs access to finance. GEM-listed companies with most innovative and high-growth, relatively immature, so there is bound to GEM higher risk.Credit risk evaluation is an important research topic of Financial sector,is the heart risk of in the financial risk.Therefore,GEM listed companies were accurately forecasted and evaluated the credit risk,has important practical significance and application value.GEM in China has its own characteristics, setting up a short time, the data accumulated less,the small sample size,incomplete disclosure,there are many uncertain factors, indicating GEM listed company credit risk assessment system is a gray system. Therefore, the method used to assess grey system GEM listed company's credit risk is more appropriate.This article first introduces the system of credit risk assessment and grey system theories, In the combination of listed companies and SMEs credit evaluation system based on risk indicators, establish GEM listed company's credit risk index evaluation system,then establish Grey Relational Analysis Model,Gray Clustering method Model, GEM first 28 companies listed on the credit risk of the empirical research, finally Analysis of empirical results.Main conclusions of the paper is as follows.First, using quantitative indicators and qualitative indicators evaluation system, is a more comprehensive.View from the empirical results,this is reasonable and reliable evaluation system of indicators . Second, Grey Relational Analysis Model uses three angles, namely, Grey quantitative and qualitative Grey,Grey comprehensive,to assess the credit risk of GEM listed companies ,to judge each company's credit risk level and order situation,is More comprehensive and rational.Third,use Grey Clustering Model,cluster analysis of credit risk of the 28 companies listed on GEM. According to GEM gray level of credit risk is divided into several several gray class,Investors can easily make more optimal investment decisions.