Research On The Scheme Of Credit Risk Identification Of Non-financial Corporate Debt Financing Instruments In China

China's bond market has developed rapidly in recent years,has made great progress for China's economic construction and social development has made tremendous contributions.But compared with the developed countries,is still in its infancy,whether it is its size,variety,or the development of the bond market and many other areas there is a huge gap.In recent years,the proportion of non-state-owned enterprises and small and medium-sized enterprises has increased,and the varieties of bonds have become more diversified.Non-financial enterprises such as medium-term notes,short-term financing bills and directional instruments are issued.Increased year by year.The development is accompanied by the uncertainty of more income,which makes investors need a more effective way to identify the credit risk of debt financing tools,to provide the basis for its investment decision-making,to control the risk of investment.Based on the domestic and foreign scholars' research on the credit risk of debt financing instruments of non-financial enterprises in the inter-bank bond market,this paper proposes a credit risk identification scheme for investors with different risk appetite in the market.The empirical part adopts the data of financial index,non-financial index and macro index of medium and short-term notes from wind database,for a total of 29 factors.Based on the understanding of the model principle and the actual business background,a scientifically valid and effective feature engineering framework is established to deal with data imbalance,missing value processing and data standardization to obtain the maximum sample information in the data.After factor analysis,Out of the indicators: net profit margin,cost profit margin,EBIT / total revenue,that is,corporate profitability factor;quick ratio,cash ratio,current ratio,that is,short-term solvency factor;assets Debt ratio,equity ratio,long-term debt ratio,that is,long-term corporate solvency factor,the three most important.The empirical part uses the classification model and the regression model respectively to construct the credit risk identification scheme of debt financing instruments represented by medium and short-term notes,and conducts classification research on different bond maturities to make investment for all kinds of investors with different risk tolerances Program.