Non-financial indicators for credit risk analysis of Chinese technology-oriented micro and small enterprises
研究提出用创新能力和商业模式等非财务指标评估中国科技型小微企业的信用风险，发现这些指标能有效提升分类器性能。
Technology-oriented micro and small enterprises (TMSEs) play an important role in technology innovation, employment increase, and economic growth. Due to their high risk and resource consuming nature, the Chinese government has set up special funding, and encouraged banks to provide credit support for TMSEs. However, traditional enterprises’ credit evaluation methods are not suitable for TMSEs due to their characteristics. How to assess the credit risk of TMSEs is a relatively new and challenging topic. This study is to identify novel indicators that can capture the creditrelated characteristics of TMSEs. Specifically, we proposed that innovation capability and business models can be used to identify some special aspects of TMSEs’ credit risk. To validate the new indicators, we compared the performance of traditional financial indicators and the new indicators. The results showed that innovation and business model indicators can effectively improve the performance of classifiers in the credit risk assessment of TMSEs.