Research On Small And Medium Manufacturing Enterprises Credit Rating

Small and medium-sized manufacturing enterprises(manufacturing SMEs) have made outstanding contributions to China's economic construction and social development. Yet manufacturing SMEs have not formed development pattern based on technology and professional association. Manufacturing SMEs are confronted with many problems and financing problems is outstanding. Financing problems is related with the credit of the Manufacturing SMEs. Bank loans are mainly external financing channels for manufacturing SMEs. But there are problems of asymmetric information between banks and manufacturing SMEs and using the same credit rating system with large enterprises is obviously unfair. Establishing a credit rating system of medium-sized manufacturing enterprises is a key to solve financing problems.Firstly, the article starts from the indispensable position of manufacturing SMEs in the wave of China's economic construction and development. Credit crisis is a key problem to the development of manufacturing SMEs and it is necessary to build credit rating of manufacturing SMEs. Secondly, screening principle and steps of credit rating index are studied. With the domestic and international credit rating agency Standard & Poor's, Mood y, CCXI, Da gong index system design idea for reference, the index system of credit rating of manufacturing SMEs is build. Thirdly, 80 manufacturing enterprises listed in the SME board as the research object, the factor analysis to the sample data by us ing SPSS19.0 is carried out to construct manufacturing SMEs credit rating model. Factor composite score is used to determine the credit rating standards by cluster analysis. The conclusion is as follows: most of the manufacturing SMEs credit rating are concentrated in BBB and below BBB; the profitability is better of the credit rating high enterprises better; the growth ability is better of en terprise credit rating lower; majority enterprises is lack of debt paying ability which coincides with the reality. According to the results of the study, development recommendations of manufacturing SMEs credit rating are given from the aspects of manufacturing SMEs, banks and the construction of external system.