Research On Credit Assessment Of Public Manufacturing Enterprises In China

With the emergence of private debt default in 2014, researchers pay more attention to credit of corporate bonds. Foreign researchers have done researches on credit evaluation for a long time, and have established mature credit evaluation system and the corresponding credit rating agencies. However, China’s current credit rating agencies is still behind that of the developed countries. China’s credit rating agencies take more consideration of company’s assets and shareholder background, not fully reflect the company’s cash flow and profitability. With the development of market economy, the ability to evaluate credit of enterprises need to be improved.Scholars have found that we can’t obtain accurate evaluation results, if credit evaluation of enterprise credit is only rely on the analysis of financial data. So credit evaluation must take the influence of non-financial information of enterprises. However, the analysis of non-financial information is mainly qualitative analysis, and quantitative research on non-financial information is relatively rare. According to formal researches, foreign models of credit evaluation is mainly based on financial indicators, and don’t include the qualitative analysis of non-financial indicators. In addition, the development of China’s securities market is not perfect, price is very unstable, and the market effectiveness is obviously insufficient. At the same time, due to the rigid payment bond market in our country, the default data is lacking.Through reading lots of foreign and domestic papers, I selected some manufacturing companies in Shanghai Stock Exchange A for empirical research. This article selected representative indicators of financial and non-financial factors by statistical methods. Finally I established a Logit Model to evaluate the credit of enterprises.