Study of Credit Evaluation of Short-term Financing Bonds

With the constantly increasing of the market scale and the number of distribution enterprise, hidden risks of short-term financing bonds has become more obvious since its launch. But at present, credit rating results, revealing the credit risk, which are very concentrated can´t distinguish between different credit conditions of short-term financing bonds. This text built credit rating index system of short-term financing bonds combined with the characteristics of short-term financing bonds and a new rating model-combining with Principal Component Analysis and Gray Relation Analysis. Meanwhile, we get the threshold of credit conditions of short-term financing bonds by credit evaluation, depending on short-term bonds issued by listed companies from July 1st, 2010 to June 30th, 2011. In the last part of this text, using Fisher discriminant analysis to inspect rating results which were obtained by the rating model of this text, the accuracy can reach 90.8% in overall.