The Research On The Credit Rating System Of SMEs Bsased On Factor Analysis Method

SMEs play an increasingly important role in China's economic development.As of the first half of 2016,the total number of small and medium enterprises in China has exceeded 50 million,and small and medium enterprises accounted for the proportion of the number of enterprises has exceeded 99%.The development of small and medium enterprises has directly determined the development of China's economy.Small and medium-sized enterprises in promoting China's rapid economic development at the same time,also faced with many challenges and difficulties.At present,the most serious problem that restricts the rapid development of small and medium-sized enterprises in China is the financing of small and medium-sized enterprises.Especially in China's credit growth slowdown,the increase in non-performing loans and the devaluation of foreign investment in the context of RMB,SME financing problems more and more influence and constraints of its development.China's state-owned enterprises and some listed companies can now raise funds through the issuance of corporate bonds,corporate bonds,short-term financing bills and medium-term notes in stock and bond markets,but most of them can only rely on bank lending.However,small and medium-sized enterprises(SMEs)have become more and more prominent because of the extremely public disclosure of information,the lack of financial statements and the rating system of commercial banks,which are mainly aimed at large enterprises.In order to improve the financing problem of small and medium-sized enterprises,it is more and more important to improve the credit rating system and build the credit rating system of small and medium-sized enterprises.Based on the research of credit rating theory and credit rating method of domestic and foreign enterprises,this paper discusses the current situation and existing problems of credit rating of small and medium-sized enterprises in China by combining quantitative analysis with qualitative analysis.At the same time,combined with China's SME information disclosure is not perfect,the financial statements are imperfect characteristics,the establishment of a set for China's small and medium enterprises practical credit rating system.First of all,this paper analyzes the research of credit rating at home and abroad,and then explains some theories and processes of credit rating,and compares the three credit rating methods,and discusses some problems of credit rating of small and medium-sized enterprises in China.Followed by the core of this article,that is,the SME credit rating index system design.The establishment of credit rating model is mainly composed of four parts.Firstly,it analyzes the characteristics of financial statements of small and medium-sized enterprises in China,and then designs the credit rating system of Moody's,S & P,Fitch and domestic credit and new world.Suitable for China's small and medium enterprises a set of credit rating system.Secondly,by using the main layer analysis method,through the Southwest,Central China,East China,North China and other regions of 266 enterprises to study the financial indicators,and finally the initial construction of the SME rating index system.And then use the Analytic Hierarchy Process and consult the integrity,the new century and other credit rating agencies and the People's Bank of China-related experts,the final scientific and reasonable to determine the weight of the rating index.Finally,the SME rating model is constructed by determining the upper and lower thresholds and the qualitative scoring table.After the model is established,this paper chooses a small and medium-sized enterprise in Youyang,Chongqing to carry on the empirical analysis.The empirical analysis shows that the SME rating model design is reasonable,and it can scientifically,rationally and effectively quantify the credit risk of small and medium-sized enterprises.Finally,this paper puts forward some suggestions to promote the development and perfection of the credit rating index system of small and medium-sized enterprises in China.