A Research On Credit Evaluation System Of GEM Listed Companies Based On Entropy Law

Since the establishment of the GEM market,it has played an important role in solving the problem of financing small and medium-sized enterprises with high growth and innovation,but GEM listed companies are relatively small and risky.There are still problems of low access to finance and high cost of financing.Credit evaluation system can promote banks,institutional investors and shareholders to understand the credit risk of enterprises and choose investment according to their own risk preferences.However,China does not have a unified credit evaluation system for GEM listed companies at present.This will lead to asymmetric information between investment and financing.This in turn increases transaction costs.Therefore,from the perspective of an independent third party,this paper will actively explore and establish a credit evaluation system that is in line with China's GEM listed companies,and make a certain contribution to the smooth financing channels of GEM listed companies.At the same time,it is helpful for investors to make objective and fair evaluation of the credit risk of enterprises and make rational investment decisions.This paper first analyzes and studies the related theoretical knowledge of credit evaluation and other scholars 'related research,analyzes and compares the main methods of credit evaluation research of GEM listed companies,and finds out the shortcomings in the current domestic research on credit evaluation of GEM listed companies.The research methods chosen in this paper are given and introduced in detail.Then,according to the relevant regulations of the People's Bank of China on credit evaluation and the characteristics of GEM listed companies,the credit evaluation index system of GEM listed companies is initially established,and the credit evaluation index system is tested through independence test.Secondly,the 243 companies listed on the GEM from 2014 to 2016 were taken as samples,the index weight was given based on the entropy method,the credit score of the sample enterprises was calculated based on the comprehensive evaluation method,and the credit rating of the enterprises was evaluated based on the K-means cluster analysis method.Finally,the credit evaluation results of GEM listed companies are analyzed in detail.The DFGX company listed on the GEM will be used as a specific case.The evaluation system established in this article will be used to carry out credit evaluation,and the evaluation results will be analyzed in detail,and the evaluation of the company by a professional financial institution will be combined.It proves that the model established in this paper has certain rationality and validity,and can objectively evaluate the credit level of GEM listed companies,which will help to broaden the financing channels and expand the scale of financing of GEM listed companies.Then according to the case companies and evaluation results to the GEM listed companies to improve the credit level of the relevant suggestions.Finally,the research results and the limitations of the study are summarized accordingly.