科技型企业信用评级方法与模型探究

Group 1: Definition and Characteristics of Technology Enterprises - Technology enterprises should be defined within high-tech industries and strategic emerging industries, with specific indicators such as R&D investment and personnel to assess their technological attributes[3][36]. - From 2018 to 2022, the median revenue growth rate of companies listed on the Sci-Tech Innovation Board was significantly higher than that of the Shanghai and Shenzhen A-shares, indicating a high growth characteristic of technology enterprises[46]. - The overall debt ratio of Sci-Tech Innovation Board companies is lower than that of general enterprises, with a lower proportion of interest-bearing debt, suggesting that capital primarily comes from equity investment[62]. Group 2: Evaluation Indicators for Credit Risk - Credit risk evaluation for technology enterprises should consider innovation strength, operational status, financial leverage, and debt repayment ability[15][75]. - R&D expenditure should be assessed both in absolute terms and as a percentage of revenue, with a threshold of 5% for the last three years or a cumulative amount of 60 million yuan[37][43]. - Debt repayment ability can be measured using the EBITDA interest coverage ratio and cash flow from operations to total debt ratio, which are critical for assessing financial flexibility[97]. Group 3: Challenges in Credit Rating - The rapid pace of technological updates and industry changes makes forward-looking predictions difficult, necessitating a combination of quantitative models and qualitative assessments[95][101]. - The strong specialization in the technology sector means that non-experts may struggle to accurately evaluate qualitative indicators such as market position and intellectual property value[102]. - Different industries within the technology sector exhibit varying risk characteristics, which complicates the application of a unified credit rating methodology[108].