| SMEs play an important role on China's economic and social development, however, its financing status does't match the contribution, the main reason is the lack of effective SMEs credit evaluation system. This paper draws on the experience of domestic and foreign authorities and research results to explore the rational index system and evaluation model.There are four chapters in this paper. The first chapter is about the significant of the research, present research review, main content and the frame of the paper. The second chapter is about the present theory of the SMEs' credit evaluation. In the third chapter, we set up the model based on relative entropy-grey relational analysis to evaluate the credit of listed SMEs. The fourth chapter is the empirical study. The last chapter is the conclusion.The main works and the major innovation of this paper are shown as follows:(1) Features for SMEs, through collecting and reasonable selecting the indicators, we set up the credit evaluation index system which including financial and non-financial factors, considering the repayment capacity and repayment will of listed SMEs. It changes the situation that the external macro-environment as well as the repayment will are not involved in existing research, and it improves the accuracy of the results of SMEs credit evaluation.(2) Based on the weight information given by three kinds of weighting methods, this paper uses the relative entropy to determine the combination weights. The combination weights reflect the expert's subjective experience and the objective information from the data itself, and avoid the shortcoming of existing research whose weights over-reliance on experts' experience.(3) This paper carries out the empirical study by using the dates of the small-and-medium-sized manufacturing enterprises listed on Shenzhen Stock Exchange. It provides empirical evidence to the further research of the credit rating of SMEs. The empirical results show that, in accordance with sub-types of industry, bio-pharmaceutical and electronics industry have good credit records, the petrochemical and plastics industry's credit is the worst; In accordance with region, SMEs in north China generally have good credit conditions, but SMEs from Shandong and Jiangxi provinces in east China have the worst credit conditions. |
