Research On Tnternal Credit Rating Of Trust Company’s Urban Investment Non-standard Business

Because of the mismatch between the financial power and the administrative power of the local government,the urban investment company appeared,and developed rapidly with the launch of the 4 trillion government stimulus policy in 2008.Since then,the regulatory policies for the urban investment company have been carried out between tight and loose.Since 2021,government departments and Shanghai and Shenzhen stock exchanges have issued more than 10 policies,and the refinancing risk has soared.Due to the high cost of raising funds,the trust company’s urban investment non-standard business faces higher counterparty credit risk.Therefore,the construction of the internal credit rating model of the trust company’s urban investment nonstandard business is very important to the risk control.This paper investigates the theoretical analysis of the credit rating,combing the credit rating indicators of the urban investment company of the nine major domestic rating agencies and the three major international rating agencies in detail.It is found that the regional financial resources have not been included in the current rating system of the urban investment company.Regional financial resource is extremely important in providing refinancing for urban investment companies,especially in dealing with the debt crisis of urban investment companies.Therefore,this paper adds regional financial resources to the internal credit rating index system of urban investment non-standard business of trust companies,and verifies that regional financial resources have a significant impact on the credit qualification of urban investment companies through correlation analysis and regression analysis.This paper constructs the internal rating index system of trust company’s urban investment non-standard business,including three first-class indexes of regional strength,main strength and adjustment items,with a total of 24 thirdclass indexes.The comparison matrix is constructed by means of AHP.For illustrate the scientificity of the internal credit rating model of urban investment non-standard business constructed in this paper,106 projects reviewed by X trust company in the past year are scored.The scoring results show that the results of the internal credit rating model are highly consistent with the implicit rating and YY score and Chinabond market implied rating.It has strong business guidance for the non-standard business of urban investment of the trust company,and has strong predictability for the default projects.It can be used as a preliminary model to screen the non-standard projects of urban investment.