Research On SMEs Credit Rating Model Based On SMAA-Optimal Segmentation In Supply Chain Finance Background

"Financing difficulties" limited the development of the small and medium-sized enterprise(SMEs).SMEs plays an irreplaceable role in these aspects,such as promoting economic growth,economic structure adjustment,technical innovation,alleviate the employment pressure.However,what leads to the low credit rating and falls into the"financing difficult" predicament is the inherent characteristics of SME's.Supply chain finance(SCF)is an effective channel to solve the problem of "financing difficulty" for SMEs,and the credit rating problem of SMEs is the key to the bank's "supply chain finance"business.SME credit rating in supply chain finance includes the construction of SME credit evaluation index system in SCF background,the SME credit rating and SME credit rating division in three parts.The main work of this paper includes the following three aspects:(1)It constructed SME credit rating index system in supply chain finance.First of all,based on the definition of SMEs in SCF background,it constructed a comprehensive indicator system based on the criteria of "5C evaluation principles" and the credit rating indicators studied by authoritative rating agencies and experts and scholars at home and abroad;Then,the four principles retained the indicators which was in authoritative high-frequency indicators or with high information content of similar indicators by qualitative analysis,and the clustering analysis of criteria was used to remove the indicators with high information repeatability and the coefficients of variation were used to retain the indicators with high discriminative power;Finally,the overall analysis of the rationality of the index system was to build a credit rating system in SCF background.(2)It constructed a SMEs' credit rating model based on SMAA-optimal segmentation.First of all,aiming at the lack of information of credit evaluation index and uncertainty of experts'preference in SCF background for SMEs,this essay used the Stochastic multiobjective acceptability analysis(SMAA)and the optimal segmentation method to improve the SMAA-optimal segmentation model,which used the probability distribution to simulate the missing index information and weight,constructed weight space reversely to determine the final weight of indicators,calculated the SME credit scores by linear summation;then using the optimal partition algorithm which takes the square of the sum of squared differences as the objective function to define the intra-group difference and minimize the intra-group difference as the objective function,determined the grade points;Finally,got enterprises credit rating corresponding to the range according to business scores.(3)It conducted an empirical research on SME credit rating in SCF background.It selected 578 SMEs in the manufacturing industry as samples to standardize the index data;then,calculated the credit scores of SMEs and determined the credit rating in SCF background;Finally,conducted the comparation with SME credit rating results from its own prespective,and added a company credit rating.This essay layed the foundation for the related research of credit rating of SMEs in SCF background.The empirical analysis of rating model and the new rating of enterprises provided decision-making support to the credit rating of SMEs for banks.It provided the research ideas and methods for the future rating models with different degree of information missing and expert preference'uncertainty.