城投公司信用评级改进研究

Research on Credit Rating Improvement of City Investment Company

本文基于评级理论与方法,借鉴专业评级机构对于城投公司的评级模型,通过应用多分类Logistic模型找出影响城投公司信用评级的企业内部关键因素。从分析结果来看,不考虑城投公司所在地域的经济发展状况与财政支持等外部因素,城投公司的资产规模、营收质量、偿债比率以及营收的可持续性对于城投公司的信用评级等级影响较为显著。

Based on the theory and method of rating,this paper applies the Multinomial Logistic Regression to find out the key factors which affect the credit rating of City Investment Company.From the results of the analysis,regardless of external factors such as the economic development situation and financial support in the area where the City Investment Company is located,the scale of assets,the quality of revenue,the ratio of debt service and the sustainability of revenue have a significant impact on the credit rating of City Investment Company.