Research On The Credit Risk Assessment Model Of Listed Companies On Small And Medium-sized Boards

Small and medium-sized boards of listed companies are an important part of our country's economic development pattern.They are generally characterized by fast revenue growth,strong profitability and innovation,and high technology content.But many small and medium-sized boards of listed companies due to the smaller,started late,the risk is bigger,still face the less financing channels,financing problem of high cost.As we all know,good corporate credit system is the core and key of the development of small and medium-sized enterprises and financing.It is also an important basis for investors such as commercial Banks,equity companies and creditors to choose investment in small and medium-sized enterprises.Small and medium-sized enterprise credit risk evaluation can effectively help enterprises reduce the cost of financing,broaden financing channels.Besides,it can also provide scientific basis for commercial Banks to correctly select financing objects and effectively control financial risks.At the same time,the credit risk assessment can also help small and medium enterprises to strengthen their credit management,improve enterprise credit level,more quickly and efficiently.So the paper on the basis of predecessors' experience research,actively explored a set of accord with the market development of our country's small and medium-sized board listed company credit risk evaluation system,investors when choosing investments for small and medium enterprises to provide some reference and advice,indirect effectively ease the small and medium-sized enterprise financing difficult problem.This paper studied the credit risk evaluation of listed companies on small and medium-sized boards.Taking the indexes of 636 listed companies listed on small and medium-sized boards in 2018 as the research samples.The evaluation indexes of listed companies on small and mediumsized boards were analyzed by principal component analysis method,entropy weight method and bayesian quantile regression method.Firstly,we researched the characteristics of the small and medium-sized boards of listed companies,related experience and the existing research results.Based on the traditional enterprise credit evaluation system,the corresponding financial indicators were re-screened,and the principal component analysis was carried out to get the final target system.The entropy weight method was used to weight the index evaluation system and the comprehensive credit score was calculated by the comprehensive evaluation method.Secondly,we chose a company has been listed on the small and medium-sized plate the focus of science and technology as an example,through calculation and analysis that a company's credit scoring system to verify the validity of the credit evaluation index system and evaluation model.The third,according to the theoretical knowledge of bayesian quantile regression,the relationship between the comprehensive credit score of small and medium-sized board enterprises and the bayesian quantile regression of each credit evaluation index was calculated.Through the analysis,it was obtained that the influence of each index on the credit risk assessment of small and medium-sized board enterprises at different financial and credit risk levels of enterprises.Finally,the research results and research limitations were summarized,and the future research on the small version of the enterprise credit evaluation prospects.