Research On Credit Evaluation Of Chinese Internet Financial Listed Companies

Since the beginning of the 21st century,Internet information technology has been widely used in all walks of life,it greatly improved the efficiency of work and decreased the power of work.The Internet finance,as the product of Internet and traditional finance,takes the more developed third party payment,P2P network lending and crowd funding as the three major business models.Depends on the experienced use with the computer information technology,Internet finance can accomplish the collection,classification and feedback of information quickly,and reduce part of the transaction cost and operating cost.Professional network platforms are conducive to complete the matching,bargaining and trading of capital,standardized operating process also helps to improve the efficiency of business and promote the further development of Internet finance.Many of the third party payment platforms and personal financing platforms have gathered a large number of consumerpayment funds and social idle capital,once the credit of the platforms collapsed,many unsafe factors will arise and interests of all parties will be threatened.So,the credit evaluation of Internet financial companies can help making the best investment choice,related to the vital interests of the investors and affect the safety of social capital.The theoretical analysis of this paper consist of two parts,the first part is the summary and evaluation of the domestic and foreign research from the perspective of Internet finance and corporate credit evaluation perspective.The research of Internet finance mainly revolves around its concept and modes,the influence on traditional finance,the risks and supervisions and the future development aspects;the research of enterprise credit evaluation mainly includes the establishment of the evaluation methods and evaluation index aspects.The second part is the analysis of the characteristics,the development courses and the main operation modes of Chinese Internet finance.The writer summarizes three important stages by analyzing the development of internet finance in our country,which are the rising stage,the rapid expansion stage and the rational development stage.And then expounds the development,risks and supervisions of the three main modes.This paper takes the Internet financial listed companies in Shanghai and Shenzhen stock markets as research objects,uses 142 sets of data between 2013 and 2015 as the research samples,selects some financial and non-financial evaluation indicators as the original variables,and then extracts eight principal component factors by factor analysis method which are operating ability,debt paying ability,profitability,development ability,equity structure,corporate influence,board structure and quality of management.Based on this,take these eight principal component factors as new explanatory variables into logistic regression equation,and work out a credit evaluation model that adapts to Chinese Internet financial companies.Finally,fill the actual sample data into the credit evaluation model,compare with the calculated values and the predicted values and found that the accuracy rate of the model come to 95.1%.In this paper,the main research conclusions are:(1)the eight principal components extracted by factor analysis are all left in the regression model,it is obvious that the eight principal component factors and the credit of Internet financial companies in China are positively related;(2)all the financial factors have greater influence than non-financial factors,and the principal component factors of financial indicators are followed by profitability,development ability,debt paying ability and development ability,the principal component factors of non-financial indicators are followed by quality of management,equity structure,corporate influence and board structure.(3)the regression coefficient of profitability and development capability is much higher than other factors among all the principal component factors,it says that these two factors have the deepest influence on the credit of Internet financial companies in China.