Research On Credit Rating Of China’s Electric Power Equipment And New Energy Enterprises

The essence of electric power equipment and new energy companies’ credit rating is the identification of default risk.It reveals the regular relationship between the elements of a series of rating systems such as credit rating indicators,index system,and index weight,rating equation and credit rating and the status of default by mining data.Scientific and reliable credit ratings are of great significance for promoting the development of financial markets and stabilizing the financial market order,and even for the stable operation and healthy development of the entire social and economic system.For example,one of the important reasons for the outbreak of the global financial crisis in 2008 was the misclassification of rating agencies’subprime loans.Due to the limitations of their own characteristics such as the imperfect financial information of power equipment and new energy companies,domestic and foreign financial institutions lack corresponding research.Therefore,the existing research on the credit rating model of power equipment and new energy enterprises is extremely imperfect.This model has not yet been established,so the credit rating of power equipment and new energy companies is extremely difficult to grasp.Therefore,how to construct a reasonable power equipment and new energy enterprise credit rating model has become one of the difficult problems to be solved.This paper constructs the credit rating index system through Wilcoxon test;judges the rationality of the credit scoring system through the run test,and establishes the credit rating model of power equipment and new energy enterprises,in order to reveal the default status of power equipment and new energy enterprises through data analysis method.Correlation with various elements of the credit rating system,showing the theory and method of credit rating index screening,index system selection,index weight determination,evaluation equation construction and rationality test,credit rating division,etc.in the credit rating field,to provide a basis for China’s power equipment and new energy companies credit rating.The main work of this paper is as follows:(1)Through the indicators of Wilcoxon test,on the basis of this,through the relevant analysis,the indicators reflecting the non-repetition of information are screened out,and the credit rating index system of power equipment and new energy enterprises is established;(2)Constructing the Wilcoxon test Z statistic for each index in the credit rating index system,and based on the idea that the absolute value of the Z statistic is larger,the index is more capable of distinguishing the default state,and the weight is greater,the indicator is empowered;(3)The credit scores are arranged from small to large,and the number of times G that alternates according to the sequence of default samples and non-default sample sequences is less,and the ability of the credit scoring system to distinguish between default and non-default states is stronger,and the number of alternate occurrences G The smaller the statistic U is,the more it can select the optimal rating system through the idea of the F-test of significance level.The credit rating system established by this can significantly distinguish the default status.The main conclusions of this paper are:(1)After two indicators screening,this paper constructs 26 indicators of power equipment and new energy enterprise credit rating index system including "total return on assets" and "net assets per share".The empirical results show that the credit rating system constructed in this paper can not only distinguish the default status of power equipment and new energy enterprises,but also avoid the problem of information redundancy between indicators;(2)According to the Wilcoxon test,the larger the Z value,the more the index can pass the significance test,the more the principle of distinguishing the default status of the enterprise can be used to empower the selected 26 indicators,and the power equipment can be obtained.New energy enterprise credit score evaluation equation.The empirical results show that among the 154 companies,Shida Shenghua has the highest credit score and the better the credit status.*ST sharp telecommunications has the lowest score and the worst credit status.The result is consistent with the results of the corporate credit evaluation report issued by the CSRC;(3)The smaller the number G of alternate occurrences of the default enterprise sequence and the non-defaulting enterprise sequence,the stronger the ability of the credit scoring system to distinguish between default and non-default status,and the use of run-length test for the power equipment and new energy established in this paper.The results of the enterprise credit scoring model test show that the credit scoring model established in this paper can distinguish the default status significantly and the model construction is reasonable;(4)According to the Agricultural Bank of China enterprise credit rating standard,this paper carries out credit rating on 154 power equipment and new energy enterprises.The results show that Shi Dashenghua,the first credit score,is rated as 3A,and the credit status of the enterprise is very good;the*ST sharpest with the lowest score is rated as C,and the credit status is extremely poor.The innovations of this paper are mainly reflected in the following two aspects:(1)divide the data of the i-th indicator of the selected enterprise into two categories:default and non-default.According to the difference between the average rank of the default sample and the non-default sample,the data of the indicator is in the default sample and the non-default sample.The greater the difference between the indicators,the more the indicator can significantly distinguish the state of default or not,select the indicators through the rank sum test,establish a credit rating indicator system that can significantly distinguish the status of default,and change the existing research selection.The drawbacks of rating indicators and non-default status have opened up new ideas for credit rating selection indicators;(2)According to the greater the difference between the average rank of the default sample and the non-default sample,and the stronger the ability of the indicator to distinguish the default state,the greater the weight of the indicator,the weight of the indicator reflects the indicator.The ability to identify the status of default status makes up for the shortcomings of the existing research index empowerment and the default status.