Study Of Real Estate Development Enterprise Credit Evaluation Index System

Comprehensive degree of association, gigantic investment multiplier effect, the real estate industry has been one of the pillar industries among national economy. Real estate is also an industry of high return, various kinds of investors participate in it, to share the fruits of real estate industry's flourish. However, it's an industry of tremendous investment and high risk at the same time. The fluctuation of price has an impact on the interests of all levels of society. Worse more, the real estate development enterprises of the country possess little own funds, which also fosters the risk in investing and consuming real estate. Though the industry is so significant, ordinary investors and consumers have to endure great venture. To solve the problem, this paper tries to found a credit evaluation index system of real estate development enterprises that is simple but helpful, with some easy acquired index to value enterprises' credit , and eventually to assist them decrease risks in buying houses.As beginning, the essay looks back to the present situation of credit assessment research at home and broad, introduces the advantages and disadvantages of traditional credit assessment methods respectively, such as Delphi method, Credit Ratings and Credit Grading. With abundant historical credit data, many reformative credit rating models were introduced. Especially in 1990's, the money market grew fast and many kinds of financial derivatives emerged in endlessly, new challenges trigger new credit risk predicting models, like CreditMetrics, KMV, CreditRisk+ and mortality rate model, etc., some of which have been applied in practice.Then, regarding the effects of the state's macroeconomic control of the real estate industry have been seen in 2003-2005, this paper analyzes the state of the art and summarizes six main points of stabile development in Shanghai real estate industry, and finds five big problems impeding. Giving real estate development enterprises' characteristics and information availability, the article considers solvency and debt payment inclination, from stationarity to quantity index as the macroeconomic environment, the core competition of real estate enterprises and historical credit ratings, setting up a credit evaluation index system of real estate development enterprises. And the dissertation opts...