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The Application Of The Financial Indicators Of Enterprises In Debt Rating

Posted on:2014-10-24Degree:MasterType:Thesis
Country:ChinaCandidate:G Y HanFull Text:PDF
GTID:2269330398497972Subject:Applied statistics
Abstract/Summary:PDF Full Text Request
Nowadays, as the process of global economic integration accelerates, enterprisehas more and more financing way. In foreign countries, it is very common and maturefor an enterprise to raise the fund through the issuance of bonds. The rating systemof evaluating the bond specific risk and measuring the bond possible breach of debtis also perfect. However, the process of the current issue of bonds in our country isstill at the primary stage, and the corresponding debt rating system is in the initialstage. It has become the consensus of all parties to establish perfect debt ratingsystem, and it is particularly important to economy in China.Since the birth ofenterprise bonds, the research into the rating system of enterprise bonds will neverstop. However, because the research about it in our country started late and thespeed of development is slow, the research of enterprise bonds in scholars andrelated industries to the rating agencies is still in the groping stage. In recent years,the research on debt rating gradually accelerated and China has obtained someachievements. Further the rating agencies in our country cooperate withinternational famous credit rating agencies to obtain the rich and valuable knowledgeand experience, which could be applied in our debt rating system. However, thecritical drawbacks come out, such as the rating system in different rating agencies is not standard, unified, or the rating results are not consistent, which seriouslyaffected the healthy development of Chinas bond market.This article plans to makeempirical study of the debt rating indexes, which is the most important aspect aboutthe debt system, using the factor analysis and cluster analysis to study the enterprisefinancial ratio indicators, and compare with the rating agencies rating results. Thispaper first summarized the important achievements at home and abroad, and brieflyintroduces the Moodys, Standard&Poors and Fitch Ratings agencies, as well as thedomestic major rating agencies. Through the comparison, we can know that Chinasdebt rating system still has very broad research significance and application value;Secondly, this paper mainly introduced the research method—the related principlesand core content of factor analysis and cluster analysis; Then, this paper introducedto preliminary selection of indicators, and carries on the description; Finally, theempirical analysis comes. First of all, we make the correlation analysis from the13financial ratio index, because this is the premise to use the factor analysis method,and the software of SPSS was used to select the new five public factor, which includesthe original information as much as possible from the13original indicators, andcalculating the score of the five factor in each sample bonds. Secondly, we deemeach score of the bonds in five common factor as a bit of space, and then use thedistance from the sum of squared residuals method for the selection of all sample tobonds clustering. Finally, we compare the clustering samples with the rating resultsfrom the rating agencies. Through the empirical analysis and the comparison withthe rating agencies rating, this paper argues that the method of factor analysis andclustering analysis can be well applied to the enterprise financial data. Thus the rightquestions can be set well, and it can be well fit the rating results of rating agencies,which proves that the selected method and the reliability of the index system isreliable. We hope that this paper can further promote the development of ourcountrys credit rating and provide certain reference...
Keywords/Search Tags:Bond credit rating, Factor analysis, Cluster analysis
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