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China's listed companies credit evaluation index system design

Author: DuBing From: www.yourpaper.net Posted: 2009-11-10 09:30:30 Read:
Abstract: The analysis of the contents of the home and abroad for the corporate credit rating on the meaning of their research design credit evaluation index system of the listed companies in China's main content.
Keywords: listed companies; credit rating; system design

1 Corporate Credit Rating Analysis content at home and abroad
1.1 The International usual analytical content
Due to the long-term development of the capital markets of the developed and the credit rating industry, the United States established a perfect corporate credit rating system, credit rating agencies have accumulated a wealth of practical experience, gradually formed a set of complete, tight inspection system, corporate credit rating:
(1) Analysis of business leaders.
(2) analysis of the legal status on registration issues, legal representatives, land and everything and enterprises related to related to legal issues.
(3) analysis of the financial situation of enterprises, including fund-raising capacity, debt capacity, capital effect.
(4) analysis of business management, mainly on the trade union structure, production, supply and analysis of all aspects of the comprehensive comparison of input-output (including per capita costs, per capita earning profits etc.).
(5) analysis of market conditions, mainly on the analysis of the sales market enterprise product pricing policy of competitive conditions, market share and sales.
Above, a corporate credit rating to be involved, but usually different assessment agencies vary their division. For example, to the S & P (Standard & Poor's) analysis tasks it is divided into several areas, to determine the credit rating of the enterprise. However, the S & P set analysis variables are not independent, but with each other to ensure fully take into account various factors. To contact the business and financial analyzes, these factors of a formula can be combined into a credit rating.
1.2 China's basic analytical content
The basic analysis of the content of China's corporate credit rating, including the four aspects of enterprise quality, financial strength, economic benefits and development prospects.
(1) the quality of enterprises: mainly refers to the economic nature, the quality of the group of business leaders, business management capabilities, integrated enterprise management level, corporate competitiveness. China's corporate credit rating, more emphasis on the quality of the basis, but such quantitative methods of qualitative variables remain to be explored.
(2) financial strength. Mainly on corporate debt capacity and capital structure, used to measure the basic ability of a business to deal with the debt crisis.
(3) The economic benefits. Mainly on the corporate profit status and profitability, profit growth and market forecasts prospects. The content in this area accounted for a very important position in China's corporate rating.
(4) development prospects. Mainly on recently, the long-term development planning, goals and measures, the status of the industry, market competitiveness and resilience and trends.
Visible, the analysis of the content of the corporate credit rating of the United States and China have a lot in common. 1,2 former analysis is consistent with the content of enterprise quality inspection, the method is essentially the same, known abroad as a subjective assessment, known as qualitative analysis of our country. Investigation of 3,4,5 former analysis and our financial strength, economic benefits have in common, called the objectivity of the assessment in a foreign country, we called quantitative analysis.
2 of China's listed companies credit evaluation index system design
Due to the differences between China and Western developed countries in the construction of the stage of development of the capital market and corporate credit rating system, developed Western countries, enterprise credit evaluation index system is relatively perfect but can not indiscriminately in China's corporate credit rating practice not copy. At the same time, our current evaluation index system applications can be better combined with China's actual situation, but its lack of one hand, one-sided, to take more comprehensive evaluation of the place of business credit analysis of financial indicators; On the other hand targeted different assessment object (such as a listed company) can not establish a specific indicator system. Some qualitative indicators data acquisition and evaluation methods in practice is still no satisfactory solution. Therefore, in terms of listed companies in China's credit rating, it is necessary to establish credit evaluation index system of the listed companies in China, drawing on authoritative international rating agency mature practices in line with China's national conditions premise.
Apply to the credit rating of the listed companies in China specific indicators and meaning of:
The spirit of objectivity, scientific, comprehensive, operability, quantifiable Principles of credit evaluation index system for domestic and foreign enterprises in the comparative study selected based on the profitability of listed companies, solvency, asset management capabilities, to expand the capability of the 13 indicators in four areas, build a comprehensive evaluation index system of the credit rating of China's listed companies, listed companies trying different aspects reflect creditworthiness.
(1) profitability indicators. Profitability indicators used to reflect the status and capacity of the profitability of listed companies, shareholders and potential investors are concerned about the indicators group, credit evaluation index system in listed companies at the heart of better profitability, corporate credit ratings higher.
(2) solvency indicators. The listed company's solvency is the ability of listed companies to repay the principal and interest on the debt.
(3) asset management capabilities asset management capabilities analysis to reflect the Listed Company management level and efficiency in the use of existing assets, reflecting the various assets running ability. Higher the asset management capabilities of listed companies, the relatively higher level of credit; Conversely, the lower.
(4) to expand capacity. Expand capacity is an important basis to assess the capabilities and potential of the development of listed companies. It determines the long-term competitiveness of the enterprises, which embodies the prospects for the development of the enterprise.
In short, the credit assessment index system is the basis of the assessment, and the the listed company credit rating soul. Assessment contents and index system of enterprise credit rating now through domestic and international comparative analysis, analyzes the main factors affecting the level of listed companies credit; Secondly, on the basis of comprehensive consideration of the specific national conditions, the qualitative and quantitative combined from four
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