The Research Of Credit Evaluations System For Gem Enterprises Based On Fuzzy DEA

In the year of 2009,China established the growth enterprise market in Shenzhen stock exchange on October 30 th.Its setting-up equals to a piece of hot wire to those small and medium-sized enterprises which are lack of enough money but full of development potential.The gem,which is called growth enterprise market for short,now has nearly six hundreds of companies after the nearly eight years’ development.As the gem companies are medium-sized enterprises which are mostly belong to the enterprises of high science and technology,innovation and growth.They made a contribution for China’s scientific and technological innovation,and also promote the development of China’s economy at the same time.Because most of the gem enterprises engaged in the high content of science and technology industry,they need lots of funds to research and develop,while financing from the gem market is too limited to met their needs,so they often fall into the plight of insufficient funds.They are eager to get more money to achieve better development,but the high interest of private lending lets them off.To get lots of money in a fast and safety way,loans from the bank is a better choice.But the bank don’t has a unified credit evaluation system for small and medium-sized enterprises,let alone for the gem companies.Because of the gem enterprises not only have the characteristics of the small and medium-sized enterprises,but also have other special characteristics such as high risk,high growth,strong innovation ability.Therefore,their credit evaluation system ought to be different of the small and medium-sized enterprises.Based on these reasons,this paper constructed a set of applicable to the gem enterprise credit evaluation system,and using SE model of fuzzy DEA for credit evaluation.After carding and study of the existing research results from China and abroad,as well as combined with the characteristics of the gem enterprises,preliminary selected three qualitative indexs and twelve quantitative indexs.Qualitative indicators selected the basic situation of enterprises,corporate credit quality and enterprise development potential.Due to the qualitative indexes are chosen in careful consideration,so they are not associated with other indexs.Therefore we will no longer filter.Selection of quantitative indicators mainly from the enterprise risk control ability,operation ability,profit ability,growth ability and enterprise innovation ability.As the quantity of primary quantitative index is too many,in order to make the index system as far as possible concise and effective,this paper uses the factor analysis method to the quantitative indicators.Ultimately retained the liquidity ratio,accounts receivable turnover,r&d expenses,the main business revenue growth,operating profit margin,and the proportion of scientific and technical personnel.As the fuzzy DEA model is the credit evaluation method of the gem enterprises’ credit evaluation system,and its essence is a kind of input-output analysis.so it is necessary to determine the nine indicators divided into input index and output index.Based on the principle of determine the input and output indicators,the input indicators are the basic situation of enterprises,corporate credit quality,liquidity ratio,r&d expenses,the proportion of scientific and technical personnel.the output indicators are enterprise development potential,accounts receivable turnover,the main business revenue growth,operating profit margin.The empirical part of this article selected the 42 gem enterprises as samples,qualitative index of the quantization process is done by triangular fuzzy number to deal with fuzzy evaluation.Based on the analysis of the construction and solving of the fuzzy DEA model,the SE model of fuzzy DEA is transformed into the maximum and minimum planning,and ranking the fuzzy numbers by using the probability distribution method.Through running the program of the matlab we obtained several closed interval numbers which are consist of maximum efficiency value and minimum planning efficiency values under different confidence level.At last,we make a ranking of enterprise credit level through the calculation of the average of the sample companies’ efficiency value which are under different confidence level.In order to get more clarity of the evaluation results,this article drew up by a credit conditions based on the average efficiency of incredible value evaluation standard.The empirical results show that there are 16 effective decision making units which namely credit condition is excellent in the 42 samples.More than 26 sample enterprises are invalid decision making units,including 12 enterprises whose the status of the credit evaluation to good,and 7 enterprises for general,2 enterprises for respectively poor,5 enterprises for poor.Finally,this paper respectively analysis each evaluation class enterprise both from overall and individual.This paper argues that the main factors restricting the gem enterprises’ credit conditions are its innovation ability and the ability to use the money to win profits,and put forward ideas,such as improving r&d personnel of scientific research ability and so on,to help the gem enterprises to raise their level of credit.