| SMEs in China’s economic development plays a more and more important role, relevant data show that by the end of 2015, SMEs in our country proportion more than 99% of the total number of enterprises in the mainland, the sales it create account for sales of all enterprises with the ratio of more than 60%,has become the main power to promote the growth of our economy. At the same time, the employees which are absorbed by SMEs were reached 80% of total employees, development of new products account for 82% of the total product, easing the employment pressure in China, by the same time, promoting the development and application of high-tech in our country. However, in contrast, SMEs are faced with a huge shortage of funds in sharp contrast, has become the huge resistance hinder of its development According to the the pecking order theory of financing, corporate will give preference to to endogenous financing, when endogenous financing is insufficient, corporate will get financing through the external financing. Due to the small scale, in the initial stage, limited endogenous funds, SMEs’ own funds is insufficient to meet the development of it needs. At the same time, the security market access threshold is higher, leading to the difficulty of SMEs’ securities financing. Therefore, SMEs in our country get the funds which were required for the development mainly through loans from commercial bank. When SMEs spply for loans, the bank will evaluate the enterprises’ credit status, and then decide lending loans to SMEs whether or not according to the evaluation results. But because of the lack of scientific evaluation model, the bank can’t judge SMEs’ credit level accurately, tending to adopt "less lend" or even "no lend" strategy for companies. In order to alleviate the financing difficulties of SMEs, promote the development and growth of SMEs, the construction of credit evaluation system of SMEs is particularly important.Our country has established the credit evaluation system based on the characteristics of the primary stage of market economy, but the most of credit evaluation system in China at present are formulated for large state-owned enterprises, it is not suitable for SMEs. Therefore, in order to effectively alleviate the financing difficulties of SMEs, promote the development of SMEs better, this paper tries to construct the credit evaluation model of SMEs with the situation of our coutry,based on the characteristics of SMEs.Based on the analysis of the research on the domestic and foreign credit evaluation system, carding the relevant basic theory, this paper analyzed present development situation and the financing predicament of SMEs in our country, and the shortcomings of the current credit evaluation system, used factor analysis method and Logistic model to build SMEs’ credit evaluation model, also verified the accuracy of the model. By being verified, the model prediction accuracy is 88.6%.Therefore, the Logistic model which this article established can determine SMEs’ credit status better, so it can improve SMEs’ credit situation, providing the certain positive role for ease the financing problems.This article can be divided into 4 parts, chapter 1 and chapter 2 is the first part. The introduction, mainly expound research background, research purpose, research significance and research method and content of this article; Research status at home and abroad, tease the research of enterprise credit evaluation system at home and abroad, respectively state the selection of indicators and methods to choose. The second part is chapter 3-basic theory part of this article, define SMEs in our country, analyses its characteristics, development status and present financing situation; concepts related to credit evaluation are defined, the development of SMEs’ credit evaluation and the defect of the current system are discussed; At the same time, puts forward the relevant basal theoretical, including the information asymmetry theory, transaction cost theory, the ratio of economic game theory, credit theory and so on, providing the theoretical support to build SMEs’ credit evaluation model. The third part includes chapter 4, chapter 5, as the main part of this article, introduce the principle of evaluation index selection, determine the concrete index system, choose evaluation methods, preparing for construct the evaluation model. Research use the data of SMEs which are listed in Shenzhen in 2013 as the research sample, first dimension the financial index by adopt factor analysis method, to reduce the amount of data, eliminate the correlation between indicators for maximum; Then comprehensive analysis financial factors and non-financial indicators, to build SMEs’ credit evaluation model by use of Logistic regression, and test the accuracy of the model. The fourth part is chapter 6, conclusion and prospect of this article. According to the results of the study of this article, points out the shortage of this paper and the subsequent feasible research direction. |
