Research On The Effects Of Non-financial Factors On Enterprise Credit Ratings

Currently the model which is widely used by credit rating is based on corporate financial data to predict corporate default rates. These models only based on the historical data analysis and lack of predictability, therefore, how to improve the predictive ability of the corporate credit rating model became a international common concern. Foreign scholars Bergeretal found that. if we can comprehensively consider of the company’s financial and non-financial indicators more than just financial indicators,the forecasting of the probability of default could more accurately. By reading the extensive literature, in recent years during the study of corporate credit rating, the scholars only analyzed the non-financial indicators qualitatively, without a quantitative analysis.This article listed93companies in Shanghai Stock Exchange including retail, real estate, tourism, textiles industry as a research object, selected a part of financial indicators and non-financial indicators as variables, and use the KMV model as the authentication model, through empirical research to explore the impact of non-financial indicators of corporate credit rating. In this paper, comprehensive consideration of three non-financial indicators including corporate governance factors, the status of the enterprise market, the ownership structure, using the statistical software SPSS19.0as a tool to perform descriptive analysis, the reliability and validity analysis, correlation analysis and regression analysis. The action mechanism between the non-financial indicators and credit rating was analyzed and descripted, combined with domestic and foreign scholars on the credit rating model research methods, to build a theoretical model of non-financial indicators and corporate credit rating. On this basis, the corporate governance factors, the corporate market position and the ownership structure was proposed underlying assumptions and empirical analysis:The corporate credit rating and the expected default frequency was negatively correlated:the quality of corporate governance factors and the expected default frequency has a significant negative correlation; market position and expected default frequency has a significant negative correlation; reasonable ownership structure and the expected default frequency has a significant negative correlation.