上市公司财务风险分析与信用评级

本文认为,财务风险是与企业整个财务因素、财务活动有关的风险,是企业经营总风险在财务活动中的集中体现,是企业财务活动未能实现预期收益从而给企业乃至投资者带来损失的风险。文章提出,17个比较重要的财务变量可分为流动性指标、盈利性指标、偿债能力指标、杠杆比率指标、活动性指标等5大类,以营运比率、总资产收益率、权益比率、总资产周转率4个指标作为输入变量建立财务困境判别分析模型,可对公司财务风险进行评级。通过模型分析,企业财务状况可划分为非困境和困境(即A、B)两类10个级别,其中非困境A类和困境B类各包括5个级别。

Financial Distress Analysis and Credit Rating of Listed Companies

The authors investigate the financial distress analysis and credit rating problems of listed companies based on the financial data of the Chinese listed companies.The management of financial distress is one of the most important problems in enterprise development strategy.The authors also establish a financial distress predicting and credit rating model composed of seventeen financial variables,and use the model to analyze synthetically the financial distress state of the listed companies in Shanxi province.Finally,the authors put forward some constructive suggestions to the development of these listed companies.