Research On Credit Rating Of Software And Information Technology Services Industry In China

In recent years,China's software and information technology services industry has shown a high-speed development trend,which accounts for a large proportion of the national economy and has made outstanding contributions to economic development.Software industry has rapid technological change and large R&D investment,but the characteristics of light assets lead to poor financing in the credit market.Credit bond is the best solution to its financing and development,so the potential rating demand of software industry is strong.At present,there are few public software industry rating methods in China,and there are some shortcomings in the selection of indicators,inadequate disclosure of indicators' weights and thresholds.Therefore,it is particularly important to construct a professional and industry-specific rating model to objectively evaluate the credit level of software enterprises.Based on the author's experience in credit rating industry,this paper tries to construct a main credit rating model for software industry by designing index weights and thresholds scientifically and reasonably,with a view to providing little help for credit research,financing and enterprise development in this industry.Firstly,starting with the analysis of the characteristics of the software and information technology industry and the credit risk factors affecting the development of enterprises,this paper finds out the factors and evaluation indicators affecting the credit level of software enterprises,and constructs five first-level indicators of operation ability,scale,profitability,financial policy and debt paying ability,as well as diversification of products and services,market position,R&D personnel,R&D investment.The credit rating system of the main body of the software industry consists of 17 secondary indicators,such as income ratio,software copyright and patent,and total business income.Secondly,based on the information and data of 191 listed companies in the software industry at the end of 2018,relying on the traditional concept of domestic rating industry which combines qualitative and quantitative analysis,this paper uses the fractional value method to determine the index threshold,and initially sets four weighting models,then takes 13 software enterprises in the software industry as samples,and chooses the optimal model with higher fitting degree through comparison.The main credit rating model of three-grade and nine-grade system is established by scoring method.Finally,this paper uses the model to carry out credit rating for listed companies in software industry.The rating results show a normal distribution.The credit level is widely distributed,and the risk identification degree of the level is higher.The proportion of Enterprises above A level is 42.93%.This shows that the software industry still has a good bond financing prospect.