高新技术企业的信用等级评估研究

【作者】 钟世华；

【导师】 谢家启； 徐文才；

【作者基本信息】 浙江大学 ， 农业经济管理， 2002， 硕士

【摘要】 1988年国务院作出了实施火炬计划的重大决策，拉开了发展我国高新技术产业的序幕，此后中国政府一直把发展高新技术产业作为我国的重点战略任务。10多年来我国建立了53个国家级高新技术开发区和许多省级、市级技术开发区或科技园区，一大批高新技术企业迅速崛起，到1999年底经国家认定的高新技术企业就达10万余家，53个国家级高新技术产业开发区在仅为336平方公里的开发面积内，工业产值从1991年的71.2亿增加到2000年的7680亿，年平均增长率达到67.3％。但在看到高新技术企业蓬勃发展可喜一面的同时我们也看到了由于目前我国金融市场结构处于变迁过程中，股票、债券市场十分脆弱，二板市场尚未启动，我国许多高新技术企业面临着资金短缺的困境，因此向商业银行申请贷款成为了高新技术企业向外融资的主要渠道。面对众多申请借款的高新技术企业，商业银行为了确保贷款的安全性和盈利性，必须对它们的信用状况进行调查和分析，然后在评出其信用等级的基础上，作出是否发放贷款、贷款期限长短、贷款限额大小、贷款利率多少等信贷决策。这样如何科学、客观、公正地对高新技术企业进行信用等级评估成为商业银行面对越来越多申请贷款的高新技术企业而迫切需要解决的问题。 目前我国商业银行对高新技术企业信用等级评估普遍采用原有针对传统工商企业设计的企业信用等级评估指标体系，但由于高新技术企业无论是成长特点、财务特点还是影响其信用等级的因素等都与传统企业存在极大的差异，针对传统工商企业设计的企业信用等级评估指标体系侧重的是“从过去到现在”的评估，而高新技术企业是具有高成长、高风险的特点，所以对高新技术企业的信用等级评估指标体系应侧重“从现在到将来”的评估，如果仍沿用以前针对传统工商企业设计的企业信用等级评估指标体系必然使高新技术企业信用等级评估的结果不科学、不公正、不客观，从而可能导致商业银行一方面把客观上信用等级高的高新技术企业拒绝门外，而另一方面则有可能把实际信用等级低的企业列入为信贷客户，其结果是一方面商业银行流失了优良客户，减少了利润，另一方面则进一步增加了商业银行的信贷风险。所以无论是从科学、客观、公正的角度还是为了商业银行确保选择优良客户、降低信贷风险的角度来讲都应该设计出一套高新技术企业信用等级评估指标体系。因此本文尝试运用管理学、经济学、会计学、商业银行学、统计学、决策学等学科中的知识原理，采用规范研究和实证研究相结合、定性分析与定量分析相结合、静态分析和动态分析相结合的方法，在借鉴已有国内外企业信用 浙江大学硕土学位论文 高新技术企业的信用等级评估研究 等级评估理论的基础上，对高新技术企业信用等级评估进行了系统的研究。 本文分为四个部分： 第一部分“高新技术企业与商业银行信贷”主要研究了以下三个方面：（）我国高 新技术企业的界定、现状和特点。（2）我国高新技术企业恃别需要商业银行信贷支持以 及我国商业银行加大对高新技术企业提供信贷对商业银行自身的重要性。（3）分析了构 建高新技术企业信用等级评估体系的必要性。 第二部分“高新技术企业信用等级评估”主要研究了高新技术企业信用分析的内容、 高新技术企业信用等级评估模型的选择、高新技术企业信用等级的划分和评估程序、高 新技术企业信用评估结果在信贷决策中的应用等四个方面。 第三部分“高新技术企业信用等级评估指标体系”是本文的重点内容和研究中心， 这一部分紧紧围绕高新技术企业信用等级评估指标体系的构建研究了指标体系中指标的 选取、指标权重的确定、评分标准的设置和计分方法的选取。 第四部分“高新技术企业信用等级评估实证研究”本部分通过清华同方、东大阿派、 方正科技、南开戈德等四家上市高新技术企业的信用等级评估对本文构建的高新技术企 业信用等级评估指标体系进行实证研究。更多还原

【Abstract】 The State Council made the great decision of implementing the torch plan in 1988, drew back the prelude of developing the new high-tech industry of our country, Chinese Government regards developing the new high-tech industry as the key strategic task of our country after this. During the last ten years our country set up 53 national-levels high development district of new high-tech and a lot of provincial and municipal developing zones or scientific and technological gardens, Large quantities of new high-tech enterprises emerge rapidly, the new high-tech enterprise asserted by the country by the end of 1999 reaches more than 100000, In 53 national-levels developing zone of new high-tech industry are 336 sq. km.s of areas of development alone, The value of industrial output is from 7120 million to 768 billion in 1991~2000, the annual average rate of increase reached 67.3%. When we have seen that new high-tech enterprise grows vigorously in one side, we also saw a lot of new high-tech enterprises in our country face the predicament of the fund in short because the structure of financial market of our country at present is in the changes course > The stocks ^ bond markets are very fragile, two boards of market have not started yet, The main channel that applied for the loan become outside financing of new high-tech enterprise to the business bank . In the face of applying for the new high-tech enterprise of the borrowed money numerously, in order to guarantee the security and profitability of the loan, the business bank must investigate and analyze their credit state , then on the basis of choosing its credit grade, Make loan, the loan time limit size, quantify of the loan , how much loan interest rate. Science and Objective on credit grade assess of the new high-tech enterprise become problem that solve urgent of loan business bank in the face of more and more to apply for the new high-tech enterprise. The business bank of our country assess the credit grade of new high-tech enterprise by the index system of assess the credit grade of the traditional industrial and commercial enterprises at present, But because new high-tech enterprise have great difference with traditional enterprises in growing up characteristic, financial characteristics or influence their the factors of credit grade, etc. What assessed the index system of assess the credit grade of the traditional industrial and commercial enterprises emphasis on the assessment" to now in the past", The new high-tech enterprise is the characteristic with high development, risky, So the index system of assess the credit grade of new high-tech enterprise particular emphasis on the assessment" from now in the future", if we continue to use the index system of assess the credit grade of the traditional industrial and commercial enterprises to new high-tech enterprise, the result of credit grades must Inequitable, not objective, thus may lead to the business bank refuses the new high-tech enterprise objectively with high credit grade outdoors on one hand ,List the enterprise that the actual credit grade is low in the credit customer probably on the other hand , Its result is that the business bank runs off in the fine customer, has reduced profits on one hand, Have increased the credit risk of the business bank further on the other hand. So no matter from science, Objective or guarantee business bank choose fine customer, Reduce credit risk, it is importance of designing a suit of new high-tech enterprise credit grades assess index system, so I try to use management, economics, accounting, commercial banking, statistical and make policy in this text, Adopt and standardize research combining with positive research, qualitative analysis combining with quantitative analysis, static behavior and analyses the method to combine with dynamic analysis, On the basis of there are domestic and international enterprise credit grades to assess the theory for designing a suit of new high-tech enterprise credit grades assess index system.This paper has four p更多还原