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企业信用评价指标分析 叶斌 学 号： 0821112205 M08金融学 龙蟠学院 潘家芹 讲师
2011年 12月 9日
Analysis of Corporate Credit Rating Index
Chen Nan
College of Business Administration Liaoning Technical University
（125105）
E-mail:[email protected]
Abstract
In one sense, the market economy is the credit economy. However, nowadays issues of enterprises breaking faith become more prominent; the rating system of corporate credit should be built up and strengthened as soon as possible. The choice of the credit indicators and the establishment of a scientific assessment model is the core of setting up a corporate credit evaluation system. Traditional indicators tend to put too much attention to the financial indicators and often make light of the integrity and social responsibility of an enterprise. The author believes that the integrity and credibility of an enterprise or rather, the honest and moral level of an enterprise‟s main managers determines the level of the corporate credit. This paper puts forward new credit rating index with considering of the reality of our country in the hope of making a little contribution to the corporate credit evaluation system of our country. Keywords: enterprise; credit rating index; credit information agency; corporate credit evaluation system
1. Introduction
Credit is a long accumulation of trust and credibility. It is difficult to get and easy to lose. Perhaps an enterprise will kiss 10-year accumulation credit goodbye because of the words or deeds at a time. From the angle of ethic, credit mainly refers to “contact performance” established and carried out by parties involving social and economic activities on the basis of honesty and trust for the purpose of morality. From the economic point of view, credit is also a mechanism maintaining normal social Exchange. Credit develops accompanied by the market economy and now the market economy can be, as it were, the credit economy. As the presentation of one nation‟s core competitiveness, enterprises cannot perform economic activities such as finance, technology development, product marketing and so on without credit relationship. Enterprises, as presentation of national core competitiveness, are units in credit Relationship. From the previous "Enron" financial scandal to the present “melamine” incident of Sanlu dairy industry, it can be seen that corporate credit rating should be strengthened no matter where the enterprise located. The choice of the credit indicators and the establishment of a scientific assessment model is the core of setting up a corporate credit evaluation system [1].Traditional indicators tend to put too much attention to the financial indicators and often make light of the integrity and social responsibility of an enterprise. The author believes that the integrity and credibility of an enterprise or rather, the honest and moral level of an enterprise‟s main managers
determines the level of the corporate credit.
2. The Definition of Corporate Credit
Corporate credit includes industrial and commercial corporate credit and bank credit. Industrial and commercial corporate credit refers to the credit granted from one enterprise to another. The substance is the money lent by seller or borrowed by buyer. It means the enterprise dealing with manufacturing business sells products on credit to its clients who are also enterprises. In general, material suppliers, manufacturers and wholesalers are the credit granters, and the buyers are the beneficiaries as well as the credit grantees, who are also corporate clients or agents. The buyers achieve their credit granted by sellers in the name of themselves. Commercial credit is also involved credit granted by commercial banks, finance companies and other financial institutions, as well as the credit produced by using trading methods except sight draft or prepayment.
Bank is also a kind of corporation that deals with credit business specially. Bank credit refers to the credit granted by commercial banks or other financial institutions and to the consumers or enterprises. In the process of credit sale, commercial banks or other financial institutions provide financing support for the buyer and help seller with expanding sales. Commercial banks and other financial institutions grant credit by practicing loans to enterprises. The way loans and repayment go depends on the corporate credit. Commercial banks will ask enterprises not meeting their standards to provide mortgage or pledge as a guarantee or ask bonding companies to make guarantees for these enterprises. The essence of the latter is that the bonding companies provide the credit for enterprises applying loans and that‟s a special form of credit going.
The author believes that corporate credit could mean debit-credit relationship between enterprises; for societies and citizens, corporate credit may mean credibility, ethics and corporate social responsibility.
3. Sanlam: One Upsetting Tragedy
According to newspaper reports, in the “melamine” incident, the dairy products manufacturer Sanlam Group was found first that there existed a kind of chemical raw materials called “melamine” in a number of its infant milk powders, causing the infants suffering from kidney stones. Later this incident became worse soon: more dairy products manufacturers were found foul play. This incident drew great attention of governments and consumers. Every baby‟s mother worried about infantile food safety. Many countries have banned imports of Chinese dairy products.In fact, Sanlu Dairy Group‟s credit level had just been rated AAA plus. The “melamine” incident not only affects the prestige of Chinese dairy industry seriously, but also damages the credibility of “made in China”. It perhaps takes 15 years or more to create a good reputation,but it can be destroyed in only 5 minutes. Therefore, I believe that credit information agencies should collect not only trade records,financial data but also the credibility, moral and social responsibility of the enterprise.
4. Corporate Rating Index System and Credit Information
Agency
4.1 The Traditional Rating Index System
The research of corporate rating index system is very mature in foreign countries and they have formed many sound corporate rating index systems [2], such as “5C” index system, "5P” index system and LAPP index system.
4.1.1 “5C” index system
“5C”stands for Character, Capacity, Capital, Collateral and Condition, as is shown below:Character,Capacity,Capital,Collateral,Condition.
Character refers to the possibility companies willing to fulfill payment obligations.Whether or not enterprises are willing to return the money at their utmost determines directly the speed and volume of repayments. This reflects the honest and moral level of an enterprise‟s main managers and is thus the most important factor affecting the credit rating of an enterprise.
Capacity refers to the ability of companies to repay loans. This is mainly bases on the sizes and operating conditions of companies.
Capital refers to the financial situation of enterprises and is usually judged by debt ratio, liquidity ratio, quick ratio and other financial indicators.
Collateral refers to the assets that guarantee a company accessing to commercial credit.
Condition refers to the socio-economic development trends or some special circumstances that may arise on the solvency of the enterprise.
4.1.2 “5P” index system
“5P” stands for Personal, Purpose, Payment, Protection and Perspective, as is shown below:Personal,Purpose,Payment,Protection,Perspective.
4.1.3 “LAPP” Index System
“LAPP” stands for Liquidity, Activity, Profitability and Potentiality, as is shown below:Liquidity,Activity,Profitability,Potentiality.
4.2 The Modes of Credit Information Agency
Credit information agency is an important part of social credit system. Many countries have developed unique models of corporate credit rating system. Generally speaking, there are 3 kinds of models in general as following:
The central bank sets up a corporate credit evaluating system by establishing national databases and network systems which enterprises register. The credit information will be kept. This information will serve as financial supervision at the central bank and help make decision for monetary policy, and it is mainly used by banks.
Business-oriented corporate credit management system. The United States, for instance, credit information agencies and credit evaluating companies went market
operation. After 100 years of fierce competition, the United States formed the Association of Credit Management, Dun & Bradstreet, and other well-known companies as the main body of the United States „credit management system to provide pay-service of collecting corporate credit information. Now these companies‟ branches have spread all over the world.
The banking industry establish a corporate credit management system by placing equal stress on membership credit information service and commercial corporate credit management system, the main representative is Japan. Under this mode, the membership credit information service provides services to member-banks. Member-banks have the obligation to provide credit information of their clients truthfully at the same time. In addition, there are a few companies dealing with commercial corporate credit management and providing corporate credit investigation service for the society.
Chinese mode is setting up credit information collection and evaluating agencies by the governments through legal means. The agencies will collect credit information and evaluate corporate credit.
5. Corporate Credit Rating Index
This paper puts forward new credit rating index with considering of the reality of our country. The rating index is divided into seven parts.
The concrete content is shown below from table 1 to table 7:
From those tables shown above it can be seen that the index not only covers the basic situation of enterprises, financial situation and business performance, but also covers the transaction records, credit history, lawsuits and so on, so it is a more comprehensive reflection of corporate credit.
6. Final instructions
To sum up, the choice of indicators is one of the key areas to deal with corporate credit evaluating. We should not only select financial indicators, we should give a comprehensive study on the credit situation of an enterprise from management, performance, and principles so on [3]. At the same time, it should be noted that there
should be both quantitative and qualitative analysis in the evaluating. From the table showed above, we can see that, we can carry out quantitative analysis according to Table 2 and we can add other financial indicators so as to conduct a detailed analysis. We can perform quantitative analysis as well according to other tables. We can also choose different weights for them and work out comprehensive results of credit situation of enterprises then give ranks for them. In practice we will choose different models by selecting particular indicators and then compare those models and eventually find a satisfactory model.
References
[1] Xianggang Li. Study on the Operation Mechanism of Enterprise Credit System in China, Ph.D.Dissertation, Jilin University, 2006
[2] ZOU Xiao-peng, YU Jun and QIAN Ying, Research on Index System of Credit Evaluating of Enterprises and Evaluating Methods, Application of Statistics and Management, 2005, Vol.1
[3] NIU Hong-hong, WANG Wen-yin. Research on the Credit Evaluation System of Enterprises, On Economic Problems, 2008, Vol.1
[4] Hong Zhang, Research on Enterprise Credit Ratings Issue in China, China-USA Business Review, 2006,Vol.5
企业信用评价指标分析
陈楠 辽宁工程技术大学工商管理学院
摘要：从某种意义来说，市场经济是信用经济。但在当前我国经济运行中，企业失信问题比较突出，诚信建设尤其是企业信用建设亟待加强。信用体系建设的核心是选择和建立科学的信用评估指标与评估方法。传统的指标体系往往过分注重财务指标，而企业的品格和社会责任往往不受重视。而笔者认为，企业的品格或者说企业主要管理者的道德因素是影响企业信用状况的最重要的因素。本文结合我国实际提出了新的信用评估指标，希望对我国的信用评估体系建设有所贡献。关键词：企业；信用评估指标；征信机构；企业信用评估体系
引言
信用是长期积累的信任和信誉。这是很难得，也很容易失去。也许企业会因为一次的失误，毁去十年积累的信誉。从伦理的角度，信贷主要是指建立在诚实和信任为目的的道德基础上的社会和经济活动所涉及的各方行动。从经济角度来看，信用是一种机制，维护正常的社会上的市场交易。信用的发展伴随着市场经济发展，因为它是信用经济。作为一个国家核心竞争力的演示，企业可以不执行，如金融，技术开发，产品营销等经济活动，没有信用关系。企业信用单位，作为国家核心竞争力演示信用关系。从以前的“安然”财务丑闻，到目前三鹿乳品行业的“三聚氰胺”事件，可以看出，加强企业信用评级没有地域差别。信用体系建设的核心是选择和建立科学的信用评估指标与评估方法[1]。传统的指标，往往过多关注财务指标，这是一个企业的责任。笔者认为，一个企业应有相当的完整性和信誉，一个企业的主要管理人员的诚实和道德水平决定了企业的信用水平。
一、企业信用的定义
企业信用包括工业和商业企业信用和银行信用。工业和商业企业信用是指授予从一个企业到另一个的信用。该物质是由卖方或买方借出借来的钱。这意味着处理制造业务的企业，产品销往信贷，其客户也是企业。在一般情况下，材料供应商，制造商和批发商，也是企业客户或代理商。商业信用也涉及商业银行，财
务公司及其他金融机构，以及使用除即期汇票或预付款交易方式所产生的信贷授予的信贷。
银行也是公司的一种，与信贷业务特别优惠。银行信贷是指由商业银行或者其他金融机构给予信贷。在赊销过程中，商业银行或者其他金融机构扩大销售的范围，帮助买方和卖方提供融资支持。商业银行和其他金融机构授予执业贷款企业的信用。融资的方式取决于企业信用贷款和还款。商业银行将不符合他们的标准要求的企业提供抵押或质押作为保证，或要求担保公司，使这些企业受担保。后者的实质是，粘接公司为申请贷款的企业提供信贷和消费，这是一个特殊形式的信贷持续。笔者认为，企业信用，可能意味着借记信贷企业之间的关系，社会和公民，企业信用可能意味着信誉，职业道德和企业社会责任。
二、Sanlam：悲剧之一
据报纸报道，在“三聚氰胺”事件，乳制品制造商Sanlam集团是首次发现，存在着一种所谓的“三聚氰胺”在其婴儿奶粉的数量的化工原料，导致婴幼儿患肾结石。后来这一事件很快变得更糟：更多的乳制品生产企业发现犯规。这一事件引起了政府和消费者的高度重视。每一个婴儿的母亲担心婴幼儿食品安全。许多国家已禁止进口中国乳制品。事实上，三鹿乳业集团的信用级别刚刚被评为AAA级加。“三聚氰胺”事件不仅影响了中国乳品行业的威信，也损害了“中国制造”的信誉。这说明也许需要15年或更久来创造良好的声誉，但它可以被销毁仅5分钟。因此，我认为信用信息机构应收集资料，不仅贸易记录，财务数据，而且要建立企业的信誉，道德和社会责任。
三、企业信用评价指标体系和信用信息局
（一）传统的评价指标体系
企业评价指标体系的研究在国外非常成熟，他们已经形成了许多良好的企业评价指标体系[2]，如“5C”的指标体系，“5P”的指标体系和LAPP指标体系。
1、“5C”指标体系
“5C”代表品质，能力，资本，抵押和条件，具体如下：
品质是指公司愿意履行付款义务的可能性。这反映了一个企业的主要管理人员的诚实和道德水平，因此，是最重要的因素，影响企业的信用评级。
能力指顾客或客户的偿债能力，即其流动资产的数量和质量以及与流动负债的比例。
资本是指企业的财务状况，通常是由资产负债率，流动比率，速动比率等财务指标来判断。
抵押品指顾客或客户拒付款项或无力支付款项时能被用做抵押的资产，一旦收不到这些顾客的款项，便以抵押品抵补，这对于首次交易或信用状况有争议的顾客或客户尤为重要。
条件是指社会经济的发展趋势或某些特殊条件的情况下，可能会出现企业的偿债能力。
2、“5P”指标体系
“5P”代表个人因素，目的因素，偿还因素，保障因素和前景因素。
3、“LAPP”指标体系
“LAPP”代表的流动性，活动性，盈利性和潜力。
（二）信用信息机构的模式
信用信息机构是社会信用体系的重要组成部分。许多国家已制定企业信用评级制度的独特模式。一般来说，有3种型号，一般如下：
中央银行设立一个企业信用评价体系，建立国家数据库和网络系统，企业注册，信用信息将被保留。此信息将作为在中央银行的金融监管和货币政策决策，它主要用于银行。
商业为导向的企业信用管理体系。例如，美国的信用信息机构和信用评估公司，走市场化运作。经过100多年的激烈竞争，美国成立的协会，信用管理，邓白氏和其他知名公司作为美国的信用管理体系提供支付服务企业信用信息收集的主体。现在，这些公司的分支机构遍布世界各地。
银行业建立会员信用信息服务和商业企业信用管理制度并重，企业信用管理体系，主要代表是日本。在这种模式下，会员信用信息服务向成员银行提供服务。会员银行有义务如实提供信贷的同时，提供给他们的客户信息。此外，也有几家公司处理商业企业信用管理和为社会提供企业资信调查服务。
中国模式是建立信用信息的收集和评估机构由政府通过法律手段。这些机构
将收集信用信息和评价企业的信用。
四、企业信用评价指标
本文从我国的现实考虑，提出了新的信贷评价指标。该评价指标分为七个部分。
具体内容是从下面的表1至表7显示：
表1 基本信息
表2 财务状况
表3 交易和信用状况
表4 荣誉记录
表5 不良记录
表6 诉讼或仲裁案件
表7 其他信息
从上面所显示的表中可以看出，该指标不仅涵盖了企业的基本情况，财务状况和经营业绩，但也包括交易记录，信用记录，诉讼等，因此它是一种更全面地反映企业信用。
五、总结
综上所述，指标的选择是处理企业信用评估的重点地区之一。我们不仅要选择财务指标，还应该给予全面的研究，就从企业管理，性能的信用状况和原则等
[3]。同时，应该指出，要定量和定性的评价分析。从上述表显示，我们可以看到，我们可以进行定量分析，根据表2，我们可以添加其他的财务指标进行了详细的分析。我们可以进行定量分析，以及根据其他表。我们也可以选择不同的权
重，并为他们制定出全面的信贷结果，企业的情况。在实践中，我们将选择不同的模式，通过选择特定的指标，然后比较这些模型，并最终找到一个令人满意的模型。
毕 业 设 计（论 文）外 文 参 考
译文题目：
学生姓名：
专 业：
所在学院：
指导教师：
职 称：资 料 及 译 文
企业信用评价指标分析 叶斌 学 号： 0821112205 M08金融学 龙蟠学院 潘家芹 讲师
2011年 12月 9日
Analysis of Corporate Credit Rating Index
Chen Nan
College of Business Administration Liaoning Technical University
（125105）
E-mail:[email protected]
Abstract
In one sense, the market economy is the credit economy. However, nowadays issues of enterprises breaking faith become more prominent; the rating system of corporate credit should be built up and strengthened as soon as possible. The choice of the credit indicators and the establishment of a scientific assessment model is the core of setting up a corporate credit evaluation system. Traditional indicators tend to put too much attention to the financial indicators and often make light of the integrity and social responsibility of an enterprise. The author believes that the integrity and credibility of an enterprise or rather, the honest and moral level of an enterprise‟s main managers determines the level of the corporate credit. This paper puts forward new credit rating index with considering of the reality of our country in the hope of making a little contribution to the corporate credit evaluation system of our country. Keywords: enterprise; credit rating index; credit information agency; corporate credit evaluation system
1. Introduction
Credit is a long accumulation of trust and credibility. It is difficult to get and easy to lose. Perhaps an enterprise will kiss 10-year accumulation credit goodbye because of the words or deeds at a time. From the angle of ethic, credit mainly refers to “contact performance” established and carried out by parties involving social and economic activities on the basis of honesty and trust for the purpose of morality. From the economic point of view, credit is also a mechanism maintaining normal social Exchange. Credit develops accompanied by the market economy and now the market economy can be, as it were, the credit economy. As the presentation of one nation‟s core competitiveness, enterprises cannot perform economic activities such as finance, technology development, product marketing and so on without credit relationship. Enterprises, as presentation of national core competitiveness, are units in credit Relationship. From the previous "Enron" financial scandal to the present “melamine” incident of Sanlu dairy industry, it can be seen that corporate credit rating should be strengthened no matter where the enterprise located. The choice of the credit indicators and the establishment of a scientific assessment model is the core of setting up a corporate credit evaluation system [1].Traditional indicators tend to put too much attention to the financial indicators and often make light of the integrity and social responsibility of an enterprise. The author believes that the integrity and credibility of an enterprise or rather, the honest and moral level of an enterprise‟s main managers
determines the level of the corporate credit.
2. The Definition of Corporate Credit
Corporate credit includes industrial and commercial corporate credit and bank credit. Industrial and commercial corporate credit refers to the credit granted from one enterprise to another. The substance is the money lent by seller or borrowed by buyer. It means the enterprise dealing with manufacturing business sells products on credit to its clients who are also enterprises. In general, material suppliers, manufacturers and wholesalers are the credit granters, and the buyers are the beneficiaries as well as the credit grantees, who are also corporate clients or agents. The buyers achieve their credit granted by sellers in the name of themselves. Commercial credit is also involved credit granted by commercial banks, finance companies and other financial institutions, as well as the credit produced by using trading methods except sight draft or prepayment.
Bank is also a kind of corporation that deals with credit business specially. Bank credit refers to the credit granted by commercial banks or other financial institutions and to the consumers or enterprises. In the process of credit sale, commercial banks or other financial institutions provide financing support for the buyer and help seller with expanding sales. Commercial banks and other financial institutions grant credit by practicing loans to enterprises. The way loans and repayment go depends on the corporate credit. Commercial banks will ask enterprises not meeting their standards to provide mortgage or pledge as a guarantee or ask bonding companies to make guarantees for these enterprises. The essence of the latter is that the bonding companies provide the credit for enterprises applying loans and that‟s a special form of credit going.
The author believes that corporate credit could mean debit-credit relationship between enterprises; for societies and citizens, corporate credit may mean credibility, ethics and corporate social responsibility.
3. Sanlam: One Upsetting Tragedy
According to newspaper reports, in the “melamine” incident, the dairy products manufacturer Sanlam Group was found first that there existed a kind of chemical raw materials called “melamine” in a number of its infant milk powders, causing the infants suffering from kidney stones. Later this incident became worse soon: more dairy products manufacturers were found foul play. This incident drew great attention of governments and consumers. Every baby‟s mother worried about infantile food safety. Many countries have banned imports of Chinese dairy products.In fact, Sanlu Dairy Group‟s credit level had just been rated AAA plus. The “melamine” incident not only affects the prestige of Chinese dairy industry seriously, but also damages the credibility of “made in China”. It perhaps takes 15 years or more to create a good reputation,but it can be destroyed in only 5 minutes. Therefore, I believe that credit information agencies should collect not only trade records,financial data but also the credibility, moral and social responsibility of the enterprise.
4. Corporate Rating Index System and Credit Information
Agency
4.1 The Traditional Rating Index System
The research of corporate rating index system is very mature in foreign countries and they have formed many sound corporate rating index systems [2], such as “5C” index system, "5P” index system and LAPP index system.
4.1.1 “5C” index system
“5C”stands for Character, Capacity, Capital, Collateral and Condition, as is shown below:Character,Capacity,Capital,Collateral,Condition.
Character refers to the possibility companies willing to fulfill payment obligations.Whether or not enterprises are willing to return the money at their utmost determines directly the speed and volume of repayments. This reflects the honest and moral level of an enterprise‟s main managers and is thus the most important factor affecting the credit rating of an enterprise.
Capacity refers to the ability of companies to repay loans. This is mainly bases on the sizes and operating conditions of companies.
Capital refers to the financial situation of enterprises and is usually judged by debt ratio, liquidity ratio, quick ratio and other financial indicators.
Collateral refers to the assets that guarantee a company accessing to commercial credit.
Condition refers to the socio-economic development trends or some special circumstances that may arise on the solvency of the enterprise.
4.1.2 “5P” index system
“5P” stands for Personal, Purpose, Payment, Protection and Perspective, as is shown below:Personal,Purpose,Payment,Protection,Perspective.
4.1.3 “LAPP” Index System
“LAPP” stands for Liquidity, Activity, Profitability and Potentiality, as is shown below:Liquidity,Activity,Profitability,Potentiality.
4.2 The Modes of Credit Information Agency
Credit information agency is an important part of social credit system. Many countries have developed unique models of corporate credit rating system. Generally speaking, there are 3 kinds of models in general as following:
The central bank sets up a corporate credit evaluating system by establishing national databases and network systems which enterprises register. The credit information will be kept. This information will serve as financial supervision at the central bank and help make decision for monetary policy, and it is mainly used by banks.
Business-oriented corporate credit management system. The United States, for instance, credit information agencies and credit evaluating companies went market
operation. After 100 years of fierce competition, the United States formed the Association of Credit Management, Dun & Bradstreet, and other well-known companies as the main body of the United States „credit management system to provide pay-service of collecting corporate credit information. Now these companies‟ branches have spread all over the world.
The banking industry establish a corporate credit management system by placing equal stress on membership credit information service and commercial corporate credit management system, the main representative is Japan. Under this mode, the membership credit information service provides services to member-banks. Member-banks have the obligation to provide credit information of their clients truthfully at the same time. In addition, there are a few companies dealing with commercial corporate credit management and providing corporate credit investigation service for the society.
Chinese mode is setting up credit information collection and evaluating agencies by the governments through legal means. The agencies will collect credit information and evaluate corporate credit.
5. Corporate Credit Rating Index
This paper puts forward new credit rating index with considering of the reality of our country. The rating index is divided into seven parts.
The concrete content is shown below from table 1 to table 7:
From those tables shown above it can be seen that the index not only covers the basic situation of enterprises, financial situation and business performance, but also covers the transaction records, credit history, lawsuits and so on, so it is a more comprehensive reflection of corporate credit.
6. Final instructions
To sum up, the choice of indicators is one of the key areas to deal with corporate credit evaluating. We should not only select financial indicators, we should give a comprehensive study on the credit situation of an enterprise from management, performance, and principles so on [3]. At the same time, it should be noted that there
should be both quantitative and qualitative analysis in the evaluating. From the table showed above, we can see that, we can carry out quantitative analysis according to Table 2 and we can add other financial indicators so as to conduct a detailed analysis. We can perform quantitative analysis as well according to other tables. We can also choose different weights for them and work out comprehensive results of credit situation of enterprises then give ranks for them. In practice we will choose different models by selecting particular indicators and then compare those models and eventually find a satisfactory model.
References
[1] Xianggang Li. Study on the Operation Mechanism of Enterprise Credit System in China, Ph.D.Dissertation, Jilin University, 2006
[2] ZOU Xiao-peng, YU Jun and QIAN Ying, Research on Index System of Credit Evaluating of Enterprises and Evaluating Methods, Application of Statistics and Management, 2005, Vol.1
[3] NIU Hong-hong, WANG Wen-yin. Research on the Credit Evaluation System of Enterprises, On Economic Problems, 2008, Vol.1
[4] Hong Zhang, Research on Enterprise Credit Ratings Issue in China, China-USA Business Review, 2006,Vol.5
企业信用评价指标分析
陈楠 辽宁工程技术大学工商管理学院
摘要：从某种意义来说，市场经济是信用经济。但在当前我国经济运行中，企业失信问题比较突出，诚信建设尤其是企业信用建设亟待加强。信用体系建设的核心是选择和建立科学的信用评估指标与评估方法。传统的指标体系往往过分注重财务指标，而企业的品格和社会责任往往不受重视。而笔者认为，企业的品格或者说企业主要管理者的道德因素是影响企业信用状况的最重要的因素。本文结合我国实际提出了新的信用评估指标，希望对我国的信用评估体系建设有所贡献。关键词：企业；信用评估指标；征信机构；企业信用评估体系
引言
信用是长期积累的信任和信誉。这是很难得，也很容易失去。也许企业会因为一次的失误，毁去十年积累的信誉。从伦理的角度，信贷主要是指建立在诚实和信任为目的的道德基础上的社会和经济活动所涉及的各方行动。从经济角度来看，信用是一种机制，维护正常的社会上的市场交易。信用的发展伴随着市场经济发展，因为它是信用经济。作为一个国家核心竞争力的演示，企业可以不执行，如金融，技术开发，产品营销等经济活动，没有信用关系。企业信用单位，作为国家核心竞争力演示信用关系。从以前的“安然”财务丑闻，到目前三鹿乳品行业的“三聚氰胺”事件，可以看出，加强企业信用评级没有地域差别。信用体系建设的核心是选择和建立科学的信用评估指标与评估方法[1]。传统的指标，往往过多关注财务指标，这是一个企业的责任。笔者认为，一个企业应有相当的完整性和信誉，一个企业的主要管理人员的诚实和道德水平决定了企业的信用水平。
一、企业信用的定义
企业信用包括工业和商业企业信用和银行信用。工业和商业企业信用是指授予从一个企业到另一个的信用。该物质是由卖方或买方借出借来的钱。这意味着处理制造业务的企业，产品销往信贷，其客户也是企业。在一般情况下，材料供应商，制造商和批发商，也是企业客户或代理商。商业信用也涉及商业银行，财
务公司及其他金融机构，以及使用除即期汇票或预付款交易方式所产生的信贷授予的信贷。
银行也是公司的一种，与信贷业务特别优惠。银行信贷是指由商业银行或者其他金融机构给予信贷。在赊销过程中，商业银行或者其他金融机构扩大销售的范围，帮助买方和卖方提供融资支持。商业银行和其他金融机构授予执业贷款企业的信用。融资的方式取决于企业信用贷款和还款。商业银行将不符合他们的标准要求的企业提供抵押或质押作为保证，或要求担保公司，使这些企业受担保。后者的实质是，粘接公司为申请贷款的企业提供信贷和消费，这是一个特殊形式的信贷持续。笔者认为，企业信用，可能意味着借记信贷企业之间的关系，社会和公民，企业信用可能意味着信誉，职业道德和企业社会责任。
二、Sanlam：悲剧之一
据报纸报道，在“三聚氰胺”事件，乳制品制造商Sanlam集团是首次发现，存在着一种所谓的“三聚氰胺”在其婴儿奶粉的数量的化工原料，导致婴幼儿患肾结石。后来这一事件很快变得更糟：更多的乳制品生产企业发现犯规。这一事件引起了政府和消费者的高度重视。每一个婴儿的母亲担心婴幼儿食品安全。许多国家已禁止进口中国乳制品。事实上，三鹿乳业集团的信用级别刚刚被评为AAA级加。“三聚氰胺”事件不仅影响了中国乳品行业的威信，也损害了“中国制造”的信誉。这说明也许需要15年或更久来创造良好的声誉，但它可以被销毁仅5分钟。因此，我认为信用信息机构应收集资料，不仅贸易记录，财务数据，而且要建立企业的信誉，道德和社会责任。
三、企业信用评价指标体系和信用信息局
（一）传统的评价指标体系
企业评价指标体系的研究在国外非常成熟，他们已经形成了许多良好的企业评价指标体系[2]，如“5C”的指标体系，“5P”的指标体系和LAPP指标体系。
1、“5C”指标体系
“5C”代表品质，能力，资本，抵押和条件，具体如下：
品质是指公司愿意履行付款义务的可能性。这反映了一个企业的主要管理人员的诚实和道德水平，因此，是最重要的因素，影响企业的信用评级。
能力指顾客或客户的偿债能力，即其流动资产的数量和质量以及与流动负债的比例。
资本是指企业的财务状况，通常是由资产负债率，流动比率，速动比率等财务指标来判断。
抵押品指顾客或客户拒付款项或无力支付款项时能被用做抵押的资产，一旦收不到这些顾客的款项，便以抵押品抵补，这对于首次交易或信用状况有争议的顾客或客户尤为重要。
条件是指社会经济的发展趋势或某些特殊条件的情况下，可能会出现企业的偿债能力。
2、“5P”指标体系
“5P”代表个人因素，目的因素，偿还因素，保障因素和前景因素。
3、“LAPP”指标体系
“LAPP”代表的流动性，活动性，盈利性和潜力。
（二）信用信息机构的模式
信用信息机构是社会信用体系的重要组成部分。许多国家已制定企业信用评级制度的独特模式。一般来说，有3种型号，一般如下：
中央银行设立一个企业信用评价体系，建立国家数据库和网络系统，企业注册，信用信息将被保留。此信息将作为在中央银行的金融监管和货币政策决策，它主要用于银行。
商业为导向的企业信用管理体系。例如，美国的信用信息机构和信用评估公司，走市场化运作。经过100多年的激烈竞争，美国成立的协会，信用管理，邓白氏和其他知名公司作为美国的信用管理体系提供支付服务企业信用信息收集的主体。现在，这些公司的分支机构遍布世界各地。
银行业建立会员信用信息服务和商业企业信用管理制度并重，企业信用管理体系，主要代表是日本。在这种模式下，会员信用信息服务向成员银行提供服务。会员银行有义务如实提供信贷的同时，提供给他们的客户信息。此外，也有几家公司处理商业企业信用管理和为社会提供企业资信调查服务。
中国模式是建立信用信息的收集和评估机构由政府通过法律手段。这些机构
将收集信用信息和评价企业的信用。
四、企业信用评价指标
本文从我国的现实考虑，提出了新的信贷评价指标。该评价指标分为七个部分。
具体内容是从下面的表1至表7显示：
表1 基本信息
表2 财务状况
表3 交易和信用状况
表4 荣誉记录
表5 不良记录
表6 诉讼或仲裁案件
表7 其他信息
从上面所显示的表中可以看出，该指标不仅涵盖了企业的基本情况，财务状况和经营业绩，但也包括交易记录，信用记录，诉讼等，因此它是一种更全面地反映企业信用。
五、总结
综上所述，指标的选择是处理企业信用评估的重点地区之一。我们不仅要选择财务指标，还应该给予全面的研究，就从企业管理，性能的信用状况和原则等
[3]。同时，应该指出，要定量和定性的评价分析。从上述表显示，我们可以看到，我们可以进行定量分析，根据表2，我们可以添加其他的财务指标进行了详细的分析。我们可以进行定量分析，以及根据其他表。我们也可以选择不同的权
重，并为他们制定出全面的信贷结果，企业的情况。在实践中，我们将选择不同的模式，通过选择特定的指标，然后比较这些模型，并最终找到一个令人满意的模型。