房地产开发企业信用评级模型构建与研究

发布时间：2018-05-09 01:20

本文选题：房地产开发企业 + 信用评级　；参考：《长安大学》2013年硕士论文

【摘要】：房地产行业是我国的支柱产业，作为房地产行业组成单位的房地产开发企业，在推动经济增长、带动其他产业发展方面做出了突出贡献。然而资金短缺、融资难等问题一直制约着我国房地产开发企业的发展，成为房地产开发企业难以突破的瓶颈。虽然经过几十年的发展，我国资本市场正逐渐走向成熟。但是由于房地产开发企业资产负债率高、资金周转慢等特点决定其需要大量的资金，因此金融机构的贷款发放成为我国大多数房地产开发企业的资金来源。而碍于紧缩的财政政策及房地产开发企业的还款信用风险，金融机构更加重视对房地产开发企业贷款的审批。金融机构对于是否发放贷款的决定，取决于贷款企业的信用评级。目前无论是我国金融机构的内部评级，，还是专业机构的外部评级都没有统一的对房地产开发企业的信用评级指标体系和评级模型。本文在总结前人研究成果的基础上，确定影响房地产开发企业信用评级的因素，分别建立定量指标与定性指标的信用评级指标体系。并基于可拓物元理论，建立房地产开发企业的信用评级模型。力求科学准确的反映房地产开发企业的信用评级，并进行实证分析。论文主要的创新点如下：（1）运用可拓物元法对房地产开发企业信用评级进行分析，使信用等级与评级指标数据可靠的结合在一起。信用模型计算过程中，以2012年房地产开发企业综合实力前20强企业的财务数据中位数为基础，确定可拓模型的经典域，使房地产开发企业信用评级更加切合房地产市场的实际情况。（2）运用熵权法确定房地产开发企业信用评级定量指标的权重。熵权法对权重的确定完全取决于定量指标的数据，避免了权重确定的主观性，使权重的确定更加合理。（3）对房地产开发企业信用评级的定性指标与定量指标进行分别评级，使二者的评级过程互不影响。最后将二者的评级结果相结合得到最终的信用评级。这样避免了定量指标与定性指标的交叉影响，使整个评级过程简单明了。
[Abstract]:Real estate industry is the pillar industry of our country. As a unit of real estate industry, real estate development enterprises have made outstanding contributions in promoting economic growth and promoting the development of other industries. However, the shortage of funds and the difficulty of financing have been restricting the development of the real estate development enterprises in our country, and become the bottleneck of the real estate development enterprises. Although after decades of development, China's capital market is gradually maturing. However, because of the characteristics of high asset-liability ratio and slow capital turnover, the real estate development enterprises need a lot of funds, so the loan from financial institutions becomes the source of most real estate development enterprises in our country. Due to the tight fiscal policy and the credit risk of real estate development enterprises, financial institutions pay more attention to the approval of loans to real estate development enterprises. The decision of a financial institution to make a loan depends on the credit rating of the lending company. At present, there is no unified credit rating index system and rating model for real estate development enterprises, whether internal rating of financial institutions or external ratings of professional institutions. On the basis of summarizing the previous research results, this paper determines the factors that affect the credit rating of real estate development enterprises, and establishes the credit rating index system of quantitative index and qualitative index respectively. Based on extension matter-element theory, the credit rating model of real estate development enterprises is established. To scientifically and accurately reflect the credit rating of real estate development enterprises, and carry out empirical analysis. The main innovations of the thesis are as follows: 1) using extension matter-element method to analyze the credit rating of real estate development enterprises, so that the credit rating and rating index data can be reliably combined together. In the process of credit model calculation, based on the median financial data of the top 20 top 20 real estate development enterprises in 2012, the classical domain of extension model is determined. So that the real estate development enterprise credit rating more in line with the real estate market. Using entropy weight method to determine the weight of quantitative index of real estate development enterprise credit rating. The determination of weight by entropy weight method completely depends on the data of quantitative index, which avoids the subjectivity of weight determination and makes the determination of weight more reasonable. The qualitative index and the quantitative index of the credit rating of the real estate development enterprise are rated separately, so that the process of the two ratings is not influenced by each other. Finally, the final credit rating is obtained by combining the results of the two ratings. This avoids the cross-influence between quantitative and qualitative indicators, and makes the whole process of rating simple and clear.
【学位授予单位】：长安大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.233.4

【参考文献】