Emerging Technologies, Corporate Credit Risk Assessment And Its Application To Study

Since the 1990s,Internet and biotech pioneering emerging technology has a great impulsion on the traditional industries and business modes,and has created many new industries playing a more and more important role in the economic development. However,emerging technology enterprises has faced a great uncertainty due to the immaturity of technology development and the vagueness of the future market, even the uncertainty of its own development. Thereby, it's hard to master these enterprises'credit risks in the economic business with them. Because of the importance of credit risk of the enterprises in the market economy, this paper has carried on the following research on the credit risk evaluation and application of the emerging technology enterprises.First,analyze the new characteristics the emerging technology enterprises have in respect to the technology and market, and their impact on the credit risk to these enterprises.Second,the study on the evaluation models, methods and application of the credit risk of the emerging technology enterprises has been done. Using the stochastic analysis theory, the measurement models of the default probabilities of the emerging technology enterprises have been built up.Third,the traditional credit risk evaluation is generally based on the past status, such as the past financial rates, whereas the growth of the emerging technology enterprises is often linked to the emerging technologies. For these reasons, this paper has built up the credit risk evaluation models of the emerging technology enterprises mainly in the following respects: their technological abilities, the life cycle of the emerging technologies, and the market prospects as well as combining the actuarial confidence theory and the traditional credit risk evaluation models. Furthermore, the specific evaluation examples and procedures have been given.Fourth,concerning the diffusion property of the emerging technology markets, the BASS model has been utilized to determine the optimal time of the short-term loans made by the commercial banks,and the feasibility of this approach has been tested empirically.