摘要
科技企业是各国发展高科技产业和建立国家创新体系的重要主体,也是推动产业升级、提高经济综合竞争力的基本力量。与普通企业相比,尽管科技企业产品技术含量高,创新能力强,但由于新技术发展的不成熟性,以及未来市场的不确定性,科技企业在发展过程中的信用风险难以把握,从而出现了融资难的局面。因此,建立一套能够充分反映科技企业特点,可以客观、全面、科学的评价科技企业信用的评价体系,对科技企业和信息使用者具有重大的现实意义。基于此,本文在借鉴国内外企业信用评价理论的基础上,充分考虑科技企业的特点,围绕影响科技企业信用的因素,把科技价值这一概念引入科技企业信用评价体系中,建立起一套能够合理反映科技企业信用的评价体系,并且进行了实证分析以检验该体系的可行性。
With the development of civil economy and technology, a lot of Science-technology enterprises appear, as the representative of the new economy, those science-technology enterprises have played an increasingly important role in our economy. The industry's contribution to the growth of economy is on the rise and has become a main force pushing the economy forward. However, emerging technology enterprises has faced a great uncertainty due to the immaturity of technology development and the vagueness of the future market, even the uncertainty of its own development. Thereby, it's hard to master these enterprises' credit risks in the economic business with them. Because of the importance of credit risk of the enterprises in the marketing economy, and it make science-technology enterprises in the problem of difficult financing.
For science-technology enterprises, it’s the value of this new technology that supply a big business chance for them. Because technology is the center of funds and talents, and the driving force to support science-technology enterprises, and the foundation of the development of them, the main source of long-term competitive advantages which they get..
On the one hand, science-technology enterprises have potential credit risk, on the other hand, their new technology have tremendous commercial value. How to estimate the credit ratings of science-technology enterprises to make it standardized and legal and make them get suitable financing channels are main content to research for this paper.
Our nation assess the credit grade of science-technology enterprises by the index system of assessing the credit grade of the traditional enterprises at present, but because science-technology enterprises have great difference from traditional enterprises in growing up characteristic, financial characteristics or the factors of credit grade, etc. What assessed the index system of assessing the credit grade of the traditional enterprises emphasize on the assessment“to now in the past", science-technology enterprise is the characteristic with high development, risky, so the index system of assessing the credit grade of science-technology enterprise particularly emphasizes on the assessment" from now in the future", if we continue to use the index system of assessing the credit grade of the traditional enterprises to science-technology enterprises, the result of credit grades must inequitable, not objective. So, this paper began from technology of science-technology enterprises, on the base of traditional credit grade, introduced the science-technology’s value to the system of credit assessment, and based on science-technology’s value, with the research of science-technology enterprises credit at home and abroad, analyzed the assessment of science-technology value, the assessment method the system of credit index and the model, and constructed the theoretical system for science-technology enterprises’credit evaluation and credit rating model. The theoretical system is of practical significance to the establishment of a uniform, scientific credit evaluation pattern, which is fit for the non-governmental science-technology enterprise characteristic of China's situations, and standardizes the management behaviors.
This paper has four parts as following:
The first part:“research on the method of enterprise’s credit evaluation”, on the base telling the research of this paper’s background and the development of the credit evaluation industry both home and abroad, systematically researched the method for enterprise’s credit evaluation, which is the base for the system of science-technology enterprise’s credit evaluation.
The second part:“the method of assessment for technology value of science-technology enterprise”, quoted“technology value”to this paper, and definited the technology value. on the base of comparing the methods of value assessment, with the characters of science-technology enterprise ,made sure the real options approach as the method for technology value of science-technology enterprise.
The third part:“the system for science-technology enterprise’s credit evaluation based on technology value”, this part analyzed the system for science-technology enterprise’s credit rating, it is the focus of this paper. first, overviewed the principle, process, methods of science-technology enterprise’s credit evaluation, and then put the focus on the design of the credit evaluation indicators and establishment for the model of credit evaluation. Took the technology value into the credit indicators, analyzed the relation among science-technology enterprise’s life cycle, technology value, and the credit rating indicators, and then design the qualitative indicators and quantitative indicators of science-technology enterprise, including the qualitative indicators and quantitative indicators reflecting the technology value, insolvent capacity, profitability capacity, creation, development capacity. Established the model of credit evaluation for science-technology enterprise. Adopted AHP to get reasonable weight for indicators, adopted fuzzy theory in the credit evaluation, and get the conclusion to be quantified.
The forth part:“Case Studies”, the purpose is to test the availability of the model, this paper chose one listed company——Shiji Network to assess its credit.
On research approaches, this paper was combined the qualitative analysis with quantitative analysis and the academic research with applied research. It adopted fuzzy theory and Mathematics statistics in the analysis and quantity for the indicators. It formed a reasonable weight, reflected the character and real status of the credit rating system and concluded the certification.
As the construction and perfection of our national social market based economy system, the credit evaluation system for enterprises, as a service agency, will play more and more important role in the economy development.
The credit evaluation system of science-technology enterprise based on technology value shall also be continuously updated and optimized.
引文
[1] Reem Heakal. What Is A Corporate Credit Rating. http://www.investopedia.com/articles/031102203.asp. 2004-5-7
[2]Turnbull Robert. Role and Function of Credit Rating Agencies in the U.S.Securities Markets. Journal of Business Venturing, 2003 (4):p45-51
[3] Morton Glantz.Fundamentals of Credit Risk Rating.2003,7
[4] Pierre Richard. Credibility, Reputation and the Mexican Peso crisis. 2003(6): 19-24
[5]Yurdakul , Mustafa. AHF Approach in the Credit Evaluation of the Manufacturing Firms in Turkey, International Journal of Production Economics Volume: 88, Issue: 3, Apri12004,p.269-289
[6] Chen Mu-Chen、Huang Shih-Hsien. Credit Scoring and Rejected Instances Reassigning through Evolutionary. Computation Techniques Expert Systems with Applications Volume: 24,Issue: 4, May, 2003,p. 433-441
[7] Lopez,JoseA,Saidenberg,Marc R.Evaluating Credit Risk Models. Journal of Banking&Finance Volume: 24, Issue: 1-2, January, 2000, p. 151-165
[8] Kanungo S, Sharma S, 3ain. P.K Evaluation of a Decision Support System for Credit Management Decisions. Decision Support Systems Volume:30, Issue:4, March, 2001,p.419-436
[9] Small Business Owners and Credit Evaluation. Business Credit, Feb2004, Vol. 106Issue 2,p32
[10] Kuo、Hsien-Chang、Wang Lie-Huey. Credit Evaluation for Small and Medium-sized Enterprises by the Examination of Firm-specific Financial Ratios and Non-financial Variables:Evidence from Taiwan. Review of Pacific Basin Financial Markets&Policies, Mar2003, Vol.6 Issuel, p 5-16
[11] Leslie A Jeng. Philippe C Wells. The Determinants of Venture Capital Funding : Evidence Across Countries. Journal of Corporate Finance ,2000(6).p241-289
[12] Morristown Credit evaluation Anonymous. Financial Executive. Sep 2002. Vo1.18, Issue.p6-12
[13] Shenghua Jia. Honghui Chen. Empirical Research on the SMEs' Credit-guarantee in China,Journal of Zhejiang University Science 2002(3), p305-310
[14] Minglong Yao. The UK's supporting system for SME : lessons and enlightenment to China,working paper, Exeter University, 2000(3)
[15] Peter Diamond. April 2002 Symposium: Public Finance Theory-Then and Now, 3oumal of Public Economics Vo1.86, 2002. p311-317
[16] Allan L. Riding, George Haines JR. Loan Guarantees: Costs of Default and Benefits to Small Firms,Journal of Business Venturing, Vo1.16, 2001,p595-612
[17] Michel Dietsch, Joel Petey. The Credit Risk in SME loans Portfolios: Modeling issues , Pricing , and Capital Requirements , Journal of Banking&Finance,Vo1.26,2002,p303-322
[18] Ken Hoffman. How to Maximize Credit Research Efficiencies, Business Credit, Oct2004, Vol.106 Issue 9; p18-20
[19] 林健.浅议我国的企业信用评价.改革与理论,2003,(8): 29-31
[20] 常绍顺.系统科学方法论.北京:政法大学出版社,2004
[21] 赵银德.高科技企业信用评价指标体系探讨.特区经济,2003,(11): 20-21
[22] 李京.企业资信的综合评价研究.统计与决策,2004,(3): 106-111
[23] 王培龙,孙佳.对信用评价体系的中外比较分析.哈尔滨商业大学学报.2003,(2)104-108
[24] 朱顺泉.企业资信评级方法创新及应用.2002,(1):48-51
[25]杨玲,朱顺泉.我国资信评级存在的问题及建议.湖南商学院学报.2002 ,(3 )
[26] 王宗润,周艳菊.高科技企业的效益评价问题.技术经济.2000,(11) : 16-19
[27] 潘鸿雁,潘勇军,高科技企业财务管理方式研究.技术经济.2001,(11):43-46
[28] 张根明,王爱武.高科技企业价值评估方法选择,广西大学学报.2001,(4): 31-35
[29] 吴森艳,尤家荣.高科技企业信用评价体系研究.上海财经大学硕士论文.2000
[30] [美]安东尼·桑德斯著、刘宇飞译.信用风险度量—风险估值与其他范式,北京:机械工业出版社,2001
[31] [美]约翰·B.考埃特等著、石晓军等译.演进着的信用风险管理一金融领域面临的巨大挑战,北京:机械工业出版社,2001
[32] 陆正飞.财务管理学,南京:南京大学出版社,2002.8 (社科版),2003 (4)
[33] 范柏乃、朱文斌.中小企业信用评价指标的理论遴选与实证研究,科研管理,2003 (11) 83-88
[34] 周春喜.企业信用等级综合评价指标体系及其评价,科技进步与对策,2003 (4):124-126;
[35] 肖淑芳,罗丹.高技术企业价值来源与评估初探[J] 北京理工大学学报,2007,(3) :64-68
[36] 韩国丽.科技型企业信用资源及其价值[J]. 中国科技论坛,2006,(6),39-44
[37] 庞玉萍.高技术企业核心竞争力的评价体系构建[J]. 市场研究,2006,(11):48-49
[38] 方海平,陈国庆,等.用模糊理论设计企业资信评价的指标[J]. 理论探讨,2005(6):35-39
[39] 李薇,企业信用评价体系得完善与发展[J]. 信用经济,2006,(6):40-41
[40] 何燕、张芝兰.企业发展能力指标浅析,技术经济管理,2003,(4):47-49
[41]张红波,略论企业信用状况评价指标体系的构建,湘潭师范学院学报(杜会科学版),2004,(3):52-55
[42] 李先国、谢新勇.中小企业的信用分析与评价,西安邮电学院学报,2004 ,(4): 37-40;
[43] 姚梅芳、何平.企业信用风险管理体系中授信制度的建立,吉林金融研究,2004 ,(4):37-40
[44] 王玉娥、叶莉等.企业信用评价方法研究,河北工业人学学报 2004 ,(2):89-92
[45]葛宝山,孙红霞.高技术风险投资信用评价指标体系研究.科学学研究,2002;(5):31-35
[46]葛维.企业资信评级[M].中国财政经济出版社,2005
[47]王升涛.高技术创业企业信用评价系统研究.吉林大学硕士学位论文,2004
[48] 康铁祥.对企业生命周期阶段的测[J].统计与决策(理论版),2007(9):162-163
[49] 徐广军,倪晓华,肖运香.标普、穆迪、邓白氏企业信用评价指标体系比较研究[J].浙江金融,2007,(3):51-52
[50] 云俊,陈虹,等.高新技术企业融资担保信用风险指标体系及评价方法[J].武汉理工大学学报.信息与管理工程版,2006,(10):31-34
[51]曹学,翟云开.高科技企业人力资本价值整合研究[J].武汉大学学报(哲学社会科学版),2008,(1):30-35
[52]高娜,张筱帆,等.高新技术产业人力资本价值评估研究[J].北方经贸.2008(1):114-116
[53] http://www.shijinet.com.cn/
[54] http://www.szse.cn/
[55]http://stockdata.stock.hexun.com/