Research On Credit Risk Of Building Materials Enterprises Based On "15SCP001" Event Of Landscape Group

On November 12,2015 Shandong Cement issued the "15SCP001" ultra-short bonds announcing a default,which is China's first ultra-short bond default event.Based on the general applicability of the Z-Score model,this paper takes the "15SCP001" ultra-short debt default event as the research object,follows the basic steps of the case analysis,analyzing from the two aspects of the company and the industry,and tries to analyze the complex "15SCP001” event.The result shows that the Z-Score model is effective when it is used to predict the credit risk of the "15SCP001" ultra-short bond default event.Considering that China's building materials enterprises are faced with the same excess capacity and weak demand as Shandong cement,combined with the results of Z-Score model,this paper further explores the relationship between credit risk acceptance and financial index system of building materials enterprises.In the end,the author designed the building materials business credit risk acceptance-PC as a test indicator,through theoretical analysis and assumptions,we selected 35 listed companies from Chinese stock market and extract the relevant financial data from wind construction industry.Using SPSS statistical software to do a descriptive Statistical Analysis.And Logistic regression analysis was used to test the relationship between the relevant financial indicators and credit risk acceptance.The results show that the financial returns(ROE),equity ratio(ED)and liquidity quality(QUALITY)have a significant positive impact on the credit risk acceptance of the building materials enterprises represented by PC.The whole case study,not only to analyze the "15SCP001" ultra-short financing breach of contract in-depth analysis from the data layer,but also through the hypothetical argument to verify the relation between several important financial indicators and credit risk.Therefore,managers and investors concerned about the financial indicators of enterprises can have a reference.The managers of the building materials companies should always pay attention to the changes in the important financial indicators in the case analysis to find out the possible factors and eliminate the possible operational and financial crises.For public investors,to make investment decisions before the revelation: must pay full attention to building materials business credit risk and industry development,business and financial performance of the relationship,to avoid misuse of credit risk bringing the investment losses.