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Corporate bonds credit rating based on factor analysis and cluster analysis of financial indicators system construction

Author: JiangHongAi
Tutor: ChangLiJuan
School: Shaanxi Normal University
Course: Business management
Keywords: Corporate bonds Credit rating Index system Cluster analysis Factor Analysis
CLC: F224
Type: Master's thesis
Year: 2010
Downloads: 696
Quote: 3
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Abstract

Bond market as an extremely important part of China's capital market to date and did not play its due function, bond financing accounts for only a very small share in the corporate finance in China, the development of the corporate bond market to become the focus of the work of the development of China's capital market, The development of the corporate debt market, an important task is to develop the corporate bond credit rating system. Date arising from corporate bonds, corporate bonds credit rating system has never stopped, but the history of corporate debt credit rating of only ten years (1987, China issued the first corporate bonds only), both in theory sector or rating agency ratings of corporate bonds are still in the exploration and exploratory stage, how to be more reasonable credit rating of corporate bonds is particularly important and urgent. Although in recent years, China's corporate bonds credit rating made various efforts in cooperation with the international credit rating agencies, such as some rating agencies, learn and develop their own rating method more, but our bond rating companies, rating agencies rating system of each set, does not have a unified specification; theorists also strengthen the credit rating of corporate bonds, the introduction of a variety of methods to conduct the analysis, but compared with the developed Western countries, Chinese scholars study due conditions, whether theoretical or empirical analysis are lagging behind, the lack of a more complete theoretical system suitable for China's bond rating. Therefore, China is still a long way to go in the corporate bond rating. In view of the special stage where the importance of corporate debt credit rating and credit rating of corporate bonds in China, the paper intends to conduct a study on the credit rating of corporate bonds in the core part - the index system. Firstly, domestic and foreign research results and important domestic and international rating agencies (foreign listed Moody's, Standard \u0026 Poor's, Fitch, domestic listed joint credit in good faith and Emirates International) rating methodology and rating system for comparing and Summary analysis can be seen and has a great development space in China's bond credit rating; followed by the research methods - cluster analysis and factor analysis of the principle and the main content; then the standard financial statements based on the system theory introduced from the initial screening of some indicators; Then enter the empirical aspects of this article, combined with the data for corporate bonds in 2008 and 2009, China's first initial screening indicators correlation analysis (factor analysis and cluster analysis premise), and then refining the indicators through the factor analysis identified six factors contains the original indicators information, and the relationship between the new factor with the original index formula I said, on this basis on the formation of the final index system based on the six factors and the total score of each sample through cluster analysis on the basis of the combination of new factors to classify a sample of this article and a comparative analysis with the actual ratings of the rating agencies, examine new the practicality of the index system. Through research, I hope to enrich the theories and methods of China's corporate bond rating, to provide a reference for the development of China's corporate bond rating industry to make certain contributions to China's corporate bonds credit rating index system perfect.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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