The Research Of Stated-owned Enterprises Credit Rating System

Credit is the cornerstone of modern economic market, Credit evaluation is the objective description and measurement of the cornerstone stability. As the basic economic unit in the economic operation, enterprise’s credit condition not only reflects the order and efficiency of economic operation, but also is the basic foundation of investors’behavior choice. In the 1920s, western society began to evaluate enterprise’s credit widely. The basic unified evaluation system was formed step by step. Moody, Standard & Poor’s and Fitch became the leaders in the field of credit rating. Although evaluation institutions use different evaluation models in credit rating, its evaluation standards are based on the independent economic subject and normal corporate governance structure. However, compared with developed countries, market economy is under a binary structure of property (state-owned economy and non-state economy) in our country. As a special economic subject in our country, the management goal and legal person governance structure of State-owned enterprises have a significant difference with non-state enterprises. The government’s father love makes state-owned enterprises have no independence solvency. Owner’s impersonalization makes the state-owned enterprises have more complicated principal-agent relationship which affects not only the solvency of the enterprise but also the moral. So evaluating our country state-owned enterprise credit, we cannot completely copy the western model, but consider the actual national conditions of our country. With the principle of imitation and reconstruction, we try to study abroad developed countries enterprise credit rating models and theory, and combine with the special qualities of state-owned enterprises in our country. Through reforming KMV model, we construct the credit evaluation system based on state-owned enterprise features. This paper includes five parts.The first part is introduction. It mainly puts forward the research topic, reviewed domestic and foreign research literature about the credit rating, introduced the purpose and significance of researching the article and cleared practical value of the research.The second part is the character and credit of state-owned enterprises. We combined with the property structure of the state-owned enterprises, systematic cleared special properties of state-owned enterprises in the market, introduced the special qualities of the state-owned enterprises, analyzed the influence factors of the state-owned enterprise credit risk and the present situation and existing problems of our state-owned enterprise credit rating system.The third part is the construction of state-owned enterprises credit rating system. Referred to the classic mature market credit assessment of KMV model and combined the nature of the state-owned enterprises corporate, the third part found suitable model to measure the credit risk and modified the model.The fourth part is the empirical part, through adding the government guarantee factors in KMV model, evaluated credit situation of state-owned enterprise,and selected two groups of state-owned enterprise data, calculated their default rates and default distance respectively and tested validity of the result.The fifth part is conclusion and suggestion. We summarized the full text, and gave constructive suggestions and comments for the development of China’s state-owned enterprises credit rating.