The Research Of Credit Rating Of Generation Enterprise Bonds Based On Ordered Logistic Model

Power industry as a national basic energy industry,It have an effect on national development and people's livelihood.Under situation of the process of the the reform of the power industry,the Power industry urgent need for the development of external financing.Securities market which improve gradualy provide favorable external conditions for the financing of power enterprises,Whice promote the power companies to issue bond financing.In 2002,a new round of power system reform,so that the power of corporate debt withing credit risk has also attracted wide attention showed a blowout growth.It is indispensable to assess the credit risk objective and scientific.Most of the power companies that issue bonds are among the top five power groups and state-owned enterprises.However,the macroeconomic downturn,overcapacity,declining demand and new power system reform may bring unprecedented challenges to power companies,and the debt service environment of power companies deteriorates.In this paper,the orderly Logistic regression is used to analyze the influencing factors of credit evaluation of power enterprises,and the factors that can be quantitatively analyzed are divided into the external factors of the company and the internal environmental factors of the company.It can be get the dimensional factors from the original factors by SPSS software.Then we can combine all the main factors to analys the crisk risk by Logistic regression model.The empirical results show that the model has a high appropriate,the external environment of the company and the financial status of the company have a significant impact on the credit risk of the debt.Regional electricity consumption,profit margins,company scale,operational capacity,solvency,power generation capacity,have a positve effect on the credit.on the side,macro environmental factors,profitability factor and the company's visibility factor are limited by sanmle inconsistent with the facts.In general,it agrees well with the experimental results and presents some practicality.