High-tech Enterprise Funds Situation And Credit Assessment Study

In recent years, Chinese high-tech enterprises enter a period of rapid development, and have made tremendous contributions to science and economic development. In 2007, there are more than 48 thousand high-tech enterprises in 54 state-level high-tech industrial development zones, total production value of which reached 50461 million yuan. However, high-tech enterprises are faced with many problems, such as lacking of fund greatly and financing difficultly, which has hampered the development of high-tech enterprises. Tracing its souce, there are two reasons. On one side, due to the unreasonable index and methods of credit risk rating nowadays, the information the financial institutions have are so asymmetric that they are not willing to invest. On the other side, financing strategies of high-tech enterprises are not so reasonable. Therefore, establishing reasonable credit risk evaluate system focusing on high-tech enterprises, can conquer the problem of asymmetric information, based on which selecting effective financing strategy, can improve the financing environment and solve this problem. This paper has researched on credit risk rating and financing strategys of high-tech enterprises as follows:First, describes the related concepts of high-tech enterprises, the existing financing channels and the status of financing high-tech industries.Second, focusing on existing condition of high-tech enterprises, and analysing the cause of formation from qualitative aspect, this paper has built an evaluation model based on information entropy and unascertained measure. Taking the enterprises in high-tech zone of Chengdu as an example, this paper use the model to assess its dgree of financing satisfaction.Third, based on the results we got before, this paper has set up a new credit rating system, which can greatly improve the validty, objectivity and accuracy of the result of credit risk rating. Concretely speaking, this paper used the rough set to select the prople indecators and gave them weights respectively, and then constructed cloud theory evaluation model.Fourth, according to the life cycle theory and the change of credit level, we analysisd the charaters of each stage of financing and credit situation, and find out the appropriate financing strategies.Finally, this paper is concluded with its innovation and inadequacy as well as the issues to be studied later on.