联系我们

论文查询结果	返回搜索

论文编号：	5513
作者编号：	2120112434
上传时间：	2013/6/9 15:42:06
中文题目：	企业债信用评级财务指标体系的实证研究
英文题目：	Research on Credit Rating Index System of Enterprises Bond
指导老师：	王永进
中文关键字：	企业债券，信用评级，财务指标，因子分析，聚类分析
英文关键字：	enterprise bond, credit rating, financial index, factor analysis, cluster analysis
中文摘要：	债券市场是金融市场的一个重要的组成部分。作为一种融资渠道，债券市场还有资金流动导向、宏观调控等功能。相较于其他国家，我国的债券市场发展缓慢，远远落后于其他融资渠道。近几年，政府的政策导向在逐渐发生转变，企业债券市场很有可能将迎来一个突破性的发展，而发展企业债市场的一项重要工作就是发展企业债券信用评级。然而，在我国，信用评级发展严重不足，防范商业风险、维护资本市场公平、公正，降低信息不对称的功能并没有得到很好的体现。 在学术方面，由于受到客观条件的限制，国内学者关于企业债信用评级的研究较少，大多数是关于信用评级的理论性的介绍和比较性文章，缺乏对评级制度模型和方法的研究，理论研究和实证分析相对滞后。在实践中，国内评级机构相对较少，信用数据库的累积和信用评级的方法还处于比较落后的阶段，缺乏统一规范性。因此，信用评级仍是学术界亟待深入研究的一个领域。 由于目前各家评级机构都有自己的一套财务指标体系，选取的财务指标不尽相同。因此，本文引入标准财务报表，选取一系列财务比率，尝试通过实证分析得到几个具有代表性的指标，以期能为他人研究带来一定参考意见。首先，本文概况地总结了国内外关于信用评级的研究成果，同时系统地介绍并比较了国内外主要信用评级机构的评级方法及评级体系；然后，介绍了本文选用的研究方法——因子分析和聚类分析。同时，引入了标准财务报表，选取财务比率。接下来进入实证研究部分，通过因子分析进行精炼，选出具有代表性的六个因子，作为聚类分析的变量。然后通过聚类分析，对样本进行分类和评分，并将得分结果与评级机构的评级进行对比，用以考察新指标体系的实用性。最后，文章进行结果分析，总结不足，提供可供进一步研究的方向和一定政策建议。
英文摘要：	Bond market is one of the most important parts in the financial market. As a financing channel, it has the function of capital flow direction and macro-control. In China, the development of enterprise bonds is far behind other financing channels. In recent years, the government’s policy orientation has changed gradually. As a result, the development of enterprise bond market may have a break through. The development of enterprise bonds credit rating is obviously insufficient, which a key element in the development of enterprise bonds market. In China, whether in theorists or the bond rating services, study on measurement of credit risk and credit rating is still at the beginning. Most of these studies focus on introducing the foreign credit rating, no more deep research. Because of the limitation of conditions, we have been lagged so far away. Therefore, our bond credit rating will still be a hard and important work focus. Because the rating agencies have their own a set of evaluation index system, the selection of financial ratios are different. So, this paper attempts to establish a set of corporate bond credit rating financial index system, which is suitable for China market. Firstly, this paper compares and concludes the research results of some important rating agencies from home and abroad. Secondly, the paper introduced the principle and content of cluster analysis and factor analysis which are the main research methods. Then some financial indexes are selected from the standard financial statements. After that, we do the factor analysis of the six new factors. Then the cluster analysis is done using these six factors as variables. By doing this, the samples have been classified and the results are compared with the practical rating. In the end, this paper analyzed the results, summarized the insufficiency, directions for further study and some policy suggestions.
查看全文：	预览  下载(下载需要进行登录)