Research On Credit Rating Of Listed Companies In China's Pharmaceutical Industry Based On Factor Analysis

Credit rating is very important to the development of the national economy.In the environment of economic globalization,the innovation of financial products emerge in endlessly,and the prevention of credit risk is increasingly difficult.The pharmaceutical industry is closely related to life and health.It is the key support industry of the country,and is attracting more and more attention.However,in terms of industrial scale,manufacturing level and R&D capability,China's pharmaceutical industry is far from the world's developed countries,and its credit level and performance are also difficult to judge.Under the above background,the research on credit rating of Listed Companies in pharmaceutical industry has become a topic worthy of further analysis.The study of this problem is of great significance to the healthy and stable development of the whole medical industry,the steady development of the national economy,and the improvement and guarantee of the level of the people's livelihood.Based on factor analysis,this paper studies the credit rating of Listed Companies in China's pharmaceutical industry.This paper first combed the related theories of credit rating,introduced the common methods and models of credit rating,analyzed the development status of China's pharmaceutical industry in two aspects of macro environment and industry environment,and analyzed the characteristics and financing status of China's pharmaceutical industry,and then from profitability,solvency,development ability,and development ability.The index system of operation ability and enterprise scale is selected,the rating index system of Listed Companies in China's pharmaceutical industry is constructed,the principal component analysis method is improved,and the rating model is constructed by using factor analysis method.110 listed companies in China's pharmaceutical industry in 2016 are selected to carry out an empirical analysis,and the evaluation of each listed company is calculated.The credit score is converted into credit grade by clustering analysis,and the rating model of the domestic rating agencies in 2016 is compared with the empirical results of this paper,which proves that the rating model constructed in this paper has a certain practical reference value.The listed companies in the pharmaceutical industry can find their own shortcomings according to the rating results obtained by the model constructed in this paper,so as to prevent credit risk and establish a good credit image.Investors can refer to the rating results for more information,so as to provide references for investment decisions.The regulator can strengthen the supervision of the market according to the rating results and standardize the operation of the market.