Research On SME Collective Bonds Credit Rating Method

Small and medium-sized enterprises play an important role in promoting national economic growth, due to information asymmetry and other characteristics, they lead to SMEs widespread problem of financing, the problem of financing is an important factor that restricts SMEs’ further development. To solve this problem, a few years ago through the exploration and innovation, SME collective bonds was issued. The bonds provides a specialized financing channel for SMEs in China, and to some extent it alleviates SMEs’ problem of financing. But in the domestic bond market, there is no sound scientific SME collective bonds credit rating system, we can not rate the collective bonds’ credit exactly, and can not fully reveal the risk the bonds existing, so this hinders the collection of the smooth issuance of the bonds, credit rating issued the bonds can not guarantee its accuracy, the interests of investors may face loss due to inaccurate rating risk. The lack of SME collective bonds credit rating system restricted the healthy development of the bonds, so the establishment of a scientific and perfect rating system for our SME collective bonds is imperative. To solve the problem, and to promote the healthy development of the SME collective bonds, this article rates the collective bonds’ credit with Fuzzy Analytic Hierarchy Process.The article introduces the development status and the financing situation of SMEs in china, and the development status and existing problems of the SME collective bonds. Then into the focus of this article, we applies Fuzzy Analytic Hierarchy Process to the bonds’ credit rating analysis study, and analysis of specific cases. Indicators that affect the credit rating of debt collection is divided into three levels:the target layer,criteria layer and index layer, build fuzzy consistent matrix using various indicators which impact on the rating of the bonds, calculate index weights by fuzzy consistent matrix. Referring again to each index score, we can get the SME collective bonds’ credit score from the index score with the weight of the product, then correspond credit rating table to draw the credit rating of the SME collective bonds. The article use Fuzzy Analytic Hierarchy Process to research and analysis the case of the collective bonds, then we get the credit rating.