创业板上市公司信用评级体系优化研究

发布时间：2017-12-30 18:34

本文关键词：创业板上市公司信用评级体系优化研究　出处：《安徽财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：信用评级在国内市场还处于发展初期,我国现代信用评级产业于1987年起步,到2006年交易商协会成立推出短融到现在,我国信用评级的历史约有二十多年的时间,同国外百年的信用评级发展史相比,我国市场以及评级行业还处于幼年期,发展经验尚浅,成熟度不够。从理论到实践都处于探索和成长期。此外,我国中国特色社会主义市场经济下的市场尚未完全放开,市场化定价和市场化信用演变总是受到多种形式干扰,外在环境复杂性导致我国信用评级行业发展较为缓慢。建立科学合理的信用等级评定体系,能够起到对企业进行良好的实力评估,优化筛选,使得诚信企业在市场竞争中具备优势,同时减少不讲诚信的不良企业对市场造成的危害。企业的信用评级是衡量一个市场当中企业优劣的重要标准,企业信用等级体系的建立可以为银行、投资公司提供参考,从而有效解决企业融资难问题,健全合格的企业风险评估体系一直是各金融机构努力研究的方向。其中,企业的信用评级作为打开资金双方缺口的渠道,可以很大程度上解决二者的逆向选择和道德风险问题,使金融机构更加有效率地对企业进行甄别,也同时提高了整个资本市场的运行效率。本文首先对当前市场中使用的信用评级进行介绍,再结合当前国内创业板上市公司发展现状,根据企业公开的财务指标进行因子分析,得到综合评分后进行聚类分析,以得出信用评级划分。最后选取其中十家创业板企业,结合市场数据进行验证。理论研究与市场实际资料和数据相对比,验证出本文所建立的根据公开财务指标计算的信用评级分析有一定参考价值,可以为投资、研究等方面提供一定程度的便利性。
[Abstract]:The credit rating is still in the initial stage of development in the domestic market, the modern credit rating industry in China started in 1987, to 2006 Dealers Association set up to introduce short financial to now, China's credit rating history for about more than 20 years, with foreign hundred years of the history of the development of credit rating compared to China's market and the rating industry is still in childhood, development experience is still shallow, not maturity. From theory to practice in the exploration and growth stage. In addition, China's market economy Chinese characteristics under socialism market has not yet fully liberalized, evolution is always interfered by various forms of market pricing and marketing channel, the external environment complexity led to the development of credit rating industry in China slowly. Establish credit rating system is scientific and reasonable, can play the strength assessment, good for enterprises to optimize, the integrity of the enterprise in the market competition. Preparation of advantage, while reducing the harm of dishonesty on the market caused by the poor enterprise. Enterprise credit rating is a measure of the market the enterprise performance standard, the establishment of enterprise credit rating system can provide a reference for banks, investment companies, so as to effectively solve the difficult problem of corporate finance, risk assessment system of qualified enterprises has been the research efforts of all financial institutions. Among them, the enterprise's credit rating as the capital gap of both sides to open channels, can the adverse selection and moral hazard problems largely solved the two, make financial institutions more efficient screening of the enterprise, but also improve the efficiency of the whole capital market. Firstly introduction of the current market in credit rating, combined with the current status of domestic GEM listed companies according to the enterprise development, public financial indicators Factor analysis, cluster analysis of comprehensive score, to obtain credit rating classification. Finally, select one of the ten GEM companies, verified with market data. The theory and practice of market data and comparison, this paper established the calculation according to the public financial credit rating index analysis has a certain reference value to verify. Can provide convenience for investment, to a certain extent and so on.

【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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