| Credit is the cornerstone of economic and social development, and the construction of social credit system is an objective demand of improving China's socialist market economic system. In 2007, the document namded A Number of Observations on Social Credit System Construction was issued by the state council, emphasizing that the construction of industrial credit is an important component of the social credibility system development. The real estate industry has played a very important role in improving people's lives and promoting economic and social development. However, several serious credit crises have been exposed in the industry, and the credit construction of the industry is a matter of great urgency, which is of crucial importance to the improvement of the socialist market ecocomic system. Accordingly, the credit of real estate development enterprise is studied in the thesis. Based on an extensive survey and research, the credit index evaluation system of real estate development enterprise consisting of three components, namely the credit indicator development, the credit evaluation model, and the credit hierarchical system set was established. Then, a case study of the application of the credit index assessment system is presented.Firstly, the paper identifies that the credit index of a real estate enterprise is composed of three hierarchies, while the first hierarchy is consisting of objective credibility, the operational credibility, and the fulfillment of social responsibility. The paper uses Delphi method to identify the detailed credit indexes:3 primary indexes, 18 secondary indexes and 33 third level indexes. In the developed credit indexes, the qualification of real estate development enterises, and the processes and characteristics of real estate development are closely considered, moreover, the legality and the regularity of the real estate development phases and social responsibility are emphasized. Secondly, a credit index evaluation model of real estate development enterprise was constructed. The model is divided into two sequential levels: one-vote veto system and comprehensive evaluation system. The conducts of an enterprise should be examined firstly by the 12 special circumstances which were concluded in the model. If an enterprise's conduct is consistent with one or more listed circumstances, the company is therefore determined to be the blacklist. If not, the enterprise should be appraised by the comprehensive evaluation system. In the second level, the original values of the indexes are transformed into non-dimentional values by scoring, the weights for indexes are produced by the method of paired comparision, and then an additive model is used to get an integrated evaluation value. Through theoretical studies and expert discussions, the paper identifies evaluation criterion for each index. The appraisal method combines scoring method with accumulated losing points, and allows collecting suggestions from any stakeholders, the evaluated results, accordingly, are ensure to be fail, equal and credible. Then, by comparing and analyzing general international credit rating systems, the paper identifies a real estate development company's credit rating category which is composed of three grades and five sub-grades.Finally, three case studies of the application of the developed credit index evaluation system are presented, and the Zhonghua Company is taken as an example. Thus, several recommendations of the applications are proposed: 1) An effective training of the application of the constructed credit index evaluation system is pretty important, especially, the key appraisal criteria needs more attention; 2) To facilitate the verification of the enterprise's conduct, it is crucial to keep good relationship with China Consumer's Association, State Bureau for Letters and Calls, Commercial and Industrial Department etc., and 3) Actively promote the results of the credit index evaluation system, making tangible benefits for the enterprise. |
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