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论文编号：	2550
作者编号：	2120082127
上传时间：	2010/6/13 17:51:56
中文题目：	中国高新技术企业信用评级影响因素研究——基于上市公司数据
英文题目：	Study on Credit Rating Factors of High and New Technology Enterprise in China ——Based on the Listed Company Data
指导老师：	刘建
中文关键字：	信用评级;高新技术企业;指标体系;因子分析
英文关键字：	Credit Rating; High and New Technology Enterprises;Index System;Factor Analysis
中文摘要：	首先，本文的研究意义是分析影响高新技术企业信用评级的影响因素。随着我国高新技术企业发展的步伐逐渐加快和对资金的需求逐渐增加，信用在企业经济活动中的作用也日益受到广泛重视。但是由于我国高新技术企业面临的实际经营问题和管理问题，出现了很多由于信用缺失造成的问题，使向企业提供资金的银行等金融机构面临了一定程度的信用风险。相对于国外发达国家较为成熟的控制信用风险的方法和制度，我国银行对于信用风险的控制体系还不够完善。对受信企业进行信用评级是银行衡量企业信用风险的有效方法。当前我国银行对于企业的信用评级还缺乏规范的方法，而且对不同行业的信用评级还不够细化，对于高新技术企业的信用评级还缺乏较为有针对性的模型。 其次，本文阐述了信用和信用风险的概念并总结了国内外关于信用评级及高新技术企业的理论和文献，通过总结文献理清信用评级理论的发展历程，介绍了进行信用评级的几种常用模型。同时分析了高新技术企业与其他传统企业的区别，指出高新技术企业高收入性、高成长性、高风险性和高投入性的特点，将这些特点应用到分析对高新技术企业评级的影响因素上，力图建立起能够有效预测上市高新技术企业信用风险的模型。 再次，本文选取通过2008年新颁布的《高新技术认定管理办法》的305家高新技术企业2009年的年报数据作为样本，通过因子分析法，将根据高新技术企业特点选取的14个财务指标缩减为4个具有明确经济意义的因子，通过每个因子的得分计算出每个上市高新技术企业的总得分，以这个总得分作为评价企业信用的标准，通过聚类分析法将所选的样本企业分为7个等级，评级结果表明该模型对于上市高新技术企业信用风险的预测具有较好的效果。 最后，本文对评级方法进行了评价和总结，指出研究方法的局限和不足。同时对评级结果进行了分析，阐述了影响中国高新技术企业信用评级的因素。对如何提高我国对高新技术企业的信用评级水平以及如何在加快我国高新技术企业发展的同时控制高新技术企业的信用风险提出了建议。 关键词：信用评级 高新技术企业 指标体系 因子分析
英文摘要：	Firstly, the significance of this study is to analyze the impact of High and New Technology Enterprise rating factors. With the pace of the development of High and New Technology Enterprises speeding up and the increasing demand for capital, the role of credit in corporate economic activities are increasingly widespread attention. However, because of the practical business and management issues, High and New Technology Enterprises in China faced with many problems caused by lack of credit，banks and other financial institutions faced a certain degree of credit risk. Compared with the mature control system of credit risk in developed countries，credit risk for our bank control system is not yet complete. Conducting trusted business on the credit rating is the effective way of measure corporate credit risk. Current bank credit ratings for companies still lack standardized methods, many rating models were to establish a basis in experience and subjective judgments, and different industry's credit rating is not enough refining, a targeted model of credit rating for High and New Technology Enterprises which promote economic development is still deficient. Secondly, the paper expounded the concept of credit and credit risk and summarized the research literature on credit rating, sorted through the literature and the evolution of credit rating, introduced several commonly models. The paper also analyzed the difference between the High and New Technology Enterprises and other traditional ones. The high profitability, high growth，high risk, and high input resistance characteristics were applied to the analysis of the impact of High and New Technology Enterprises credit rating factors, in order to establish effective high-tech enterprises listed on the credit risk prediction model. Thirdly, 305 High and New Technology Enterprises’ 2009 annual reports were selected as a sample for factor analysis by the newly issued "High and New Technology Enterprises Identified Management Approach" in 2008. With Factor Analysis, 14 financial indicators which selected by the features of High and New Technology Enterprises were reduced to 4 factors with a clear economic significance. According to the score of each factor we can calculate the total score of each listed High and New Technology Enterprise. The total scores were used as evaluation criteria of the credit rating. The sample enterprises were divided into 7 ratings by Cluster Analysis. The rating results showed that the established credit rating models were effective to forecast the credit risk of listed High and New Technology Enterprises. Finally, the paper evaluated and concluded the rating method and pointed out the limitations and weaknesses of research methods. Rating result was analyzed to clear China's High and New Technology Enterprises credit rating factors, and we proposed some recommendations on how to improve the level of High and New Technology Enterprise credit rating and how to speed up the development of High and New Technology Enterprises in China with the control of credit risk. Key Words: Credit Rating, High and New Technology Enterprises, Index System, Factor Analysis
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