| Credit risk of listed companies has already been the main risk which the financial organization faced, and it has been gaining more and more attention from theory and practice of financial sector. Credit risk measurement is the base of credit risk management. With the progress of science and technology and the rapid change of international economic environment, credit risk has become more and more complex, attracting more and more focus from countries around the world. When much research effort was paid and much fund was invested into the research of the credit risk, many new models and methods have been developed and put into practice. It is, therefore, an important task for financial sector to take the advanced technology of credit risk management from other countries for reference and set up models and methods suitable for China. With the above background, this article decided to choose the credit rating of China's listed companies as its research subject.The topic of this article is to rate credit condition of the listed companies. First, this article had a review to the research present situation of overseas and our country, compared the popularized methods of credit rating, and then constructed a credit rating model. Second, this article used the constructed model based on factor analysis and cluster analysis, it turned the matter of measuring credit risk to the measuring of financial condition, which was shown by financial indexes, leading to compute company's default rate. It also led to improve the accuracy of the rating system. At last we verified the model to confirm the availability of the new model. From the perspective of qualitative and quantitative results of the rating test, we verified the model is accuracy and stability.Through the research, we may obtain the conclusion: It is possible and feasible to use the credit risk appraisal model advanced by this article to appraise the credit risk of listed companies. |
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