The Design And Implementation Of The Bond Rating System For Short-term Financing Bonds

Short-term financing bonds with rich enterprise debt financing channels directly, rich varieties of investment in the domestic money markets, broaden the enterprise debt financing channels directly, strengthened the enterprise short-term financing flexibility and convenience, to further advance the rate marketization process, guide more funds into the real economy, national macroeconomic regulation and control goal is realized. For a long time, Banks and brokerages for short-term financing bond rating mainly by expert analysis, rely on the experience and quality rating personnel, director of factors accounted for a large proportion in the decision. Short-term financing bond rating result effectiveness depends on the short-term financing bond rating model and the rating index system design is reasonable, and not for short-term bond rating standards of our country at present. So based on the established rating index system of short-term financing bonds at the same time, in reference to the existing traditional bond index system, based on the design according to the characteristics of short-term financing bonds. Especially in order to fully reflect the status of the short-term financing bonds, from a large number of financial indicators, this paper by means of the statistical analysis, screening for small rating larger role, relevance, capability of identifying of financial indicators, established a quantitative index system of short-term financing bonds.In front of the quantitative indicators for screening, first of all need to issue short-term financing bonds corporate financial data collection. Data from windInfo database. Due to belong to the category of industrial bonds, short-term financing bonds in order to guarantee the data quality, first of all, according to the definition of short-term financing bonds on industry has carried on the judgment, get the conditions of short-term financing bonds, at the same time clean up the delete data samples of financial indicators, so it is concluded that the bond can as the research object of this article. And then sort out these bonds financial index data, the original financial indicators standardization. First remove the identification of poor ability of financial indicators, and correlation analysis, in the strong correlation index to choose the identification ability of the strongest financial index, after get the final quantitative indicators, using the method of regression curve function will be graded financial index is mapped to a standard range. All of these jobs are finished with the help of MATLAB software. In this paper, short-term financing bond rating index system set up, for short-term financing bonds and targeted; Evaluation index contains more comprehensive information of short-term credit situation, can effectively reflect the short-term credit situation, the most comprehensive; The index system of the logical and concise, operability.Upon the completion of the index system establishment, this paper USES the AHP analytic hierarchy process (AHP) to determine the rating index system of short-term financing bonds in the weight of each evaluation index, Through linear weighted synthesis score of short-term financing model is established, Finally, according to the score model to calculate the score obtained the corresponding credit rating of short-term financing bonds. Quantitative index score according to the function scoring method, quantify the qualitative index score first according to the experience to judge again. Efficacy scoring method using quantitative index actual value is according to the enterprise last year’s annual financial statements data, avoid the influence of seasonal.Established a rating system of short-term financing bonds after the index system and evaluation model design, continue to finish the rating system of short-term financing system design. Implementation framework in system design, system structure design, selection of system development plan the work, using the MVC development mode and system based on browser/server (B/S) structure. System with a low cost open source framework Struts and Hibernate framework of combining.Based on the data preparation, index selection and model, to the system design, scheme choice and implementation, using quantitative thought and statistics theory, combines the advantages of information technology, establishing suitable for short-term financing bonds in our country, the high degree of informatization of the rating system of short-term financing bonds. However, because time is hurried, the workload is bigger, my ability is limited, the article still contains some shortage, need to constantly improve in the follow-up work.