The Research Of Credit Rating Of The Listing Of Small And Medium High-tech Enterprises

Small and medium high-tech enterprises appears the most compelling and the most promising businesses in economic activity in recent years, its unique high innovation, high growth and high profitability has attracted many investors in capital market, but the business of high growth and high-yield and high risk are inseparable as small and medium high-tech enterprises aggregate credit risk on the capital market. Due to China's credit rating industry in its infancy, there is the lack of evaluation of credit risk techniques and methods on small and medium high-tech enterprises in the capital market, leading to business stakeholders - mainly investors and creditors can not be timely and accurately understand of the company's credit situation. If the long run, it is either not conducive to corporate finance and corporate self-development or not conducive to long-term stability of capital markets. In view of this, researching small and medium high-tech enterprises listed on the credit situation for corporate stakeholders to invest (loan) to provide an important basis for decision making has a very important practical significance, and this is the starting point of this study.This integrated use of AHP and comprehensive evaluation method, combined with the characteristics of small and medium high-tech companies listed on, build with a Chinese characteristics credit rating model for providing a useful reference for evaluation the credit risk of small and medium high-tech companies listed on. The article begins by describing the small and medium high-tech enterprises and the listed credit ratings relevant concepts and theoretical basis, and then discusses the listing of small and medium high-tech enterprises to carry out the importance of credit ratings, and from domestic and international credit rating development process analyzes the credit of China's listed companies rating the status quo and existing problems, in order to pave the way to build credit rating models. Then, the article demonstrates the credit rating model building process focusing on small and medium high-tech market from three fronts. First, with high-tech small and medium business market characteristics, in reference to domestic and international credit rating agencies rating index system, design a credit rating index system, which more comprehensively reflecting of the listed small and medium high-tech enterprises faced the credit risk. Second, AHP is used to determine the weight of the credit rating index, reasonable reflecting of the various indicators in the credit ratings of the role. Third, select a different credit rating model for the different nature of indicators with the integrated use of linear weighted sum method and fuzzy comprehensive evaluation method to build a listing of small and medium high-tech credit-rating model; and from the Capital Market SME Board selected 30 high-tech companies stock, using the credit rating model for empirical analysis, and empirical analysis shows that the model can reflect the small and medium high-tech enterprises listed on the credit situation. On the basis of the above studies, the article raised concrete and feasible recommendations for completing listing of small and medium high-tech credit rating.