Empirical Study Of China's Listed Companies, Credit Risk Assessment Methods

Market economy is the economy of credit,credit is the basis of market economy and the soul.Enterprise credit system and enterprise credit evaluation system to establish a social credit system is an important aspect of sound.Speed up the establishment with Chinese characteristics and in line with international standards of enterprise credit evaluation system will help to promote sustained and healthy development of the national economy and social progress of civilization.China's credit rating is not very scientific approach,the main subjective mutually take the"scoring"can not be fully revealed by the assessment of default risk and the object of the seriousness of the breach of contract,it is difficult to bear the credit rating provides investors with an objective and fair.The mission of the credit risk information to make our country the credibility of credit rating reduced.In view of this,this article from China to be the actual situation of China's listed companies to study the credit risk.The significance of this study:This article is based on the current credit rating system in our country in this serious lack of reality,striving for enterprise development, to establish a simple,practical and effective assessment system,by reducing the cost of corporate credit rating to promote credit rating use,in order to promote the establishment of market economy of China's credit rating system,to improve the financing of China's enterprises,lending difficult start to play the role of the status quo.The main contents of this article include the following:First of all enterprises in this article from the need for credit rating analysis,combined with the credit status of our society,especially the credit rating industry,the actual situation,a more thorough analysis to establish a simple and easy-to-understand credit rating system to solve this problem;followed by review of domestic and international credit risk management and credit history of the development of risk-rating,and then introduced the meaning of credit ratings,rating system and rating the elements of the role,and reviewed the existing rating models and indicator system;Third,we based on the actual situation of enterprises as well as evaluating the construction of the situation,design a corporate credit rating 8 the initial indicators,including:net profit margin,profit from principal operations,accounts receivable turnover,asset liability ratio,flow the rate of return on assets,return on equity,quick ratio,the acquisition of the 150 listed companies empirical data analysis,application design methods,indicators,specific evaluation model;Fourth,the use of principal component analysis extracted common factor,and then use cluster analysis to determine appropriate credit ratings,in the process of cluster analysis can be combined for each category and the category as a basis for determining the distance between the class number of an auxiliary tools,the ultimate basis of the above analysis is divided into five categories of enterprises,together with a comprehensive credit score ranking,and finally analyzed by scatter factor five business preferences,the results of the analysis and credit scoring because of the integrated line. In this paper,the rating model that is feasible.