| Summary: | 碩士 === 國立成功大學 === 國際管理碩士在職專班 === 97 === This study examines the best available proxy for probability of default assign credit rating for listed companies in Mongolia. In order to achieve the aim of this thesis, I analysis and incorporate two major frameworks for probability of default assessment which are Merton’s model and Accounting based measures (financial ratios, Z-score, O-score, updated Z-score, and updated O-score). The result after using Ordinary Least Squares and Logit analysis to define the best available proxy of probability default for credit rating shows that Z-score and MM-score are the best proxy for credit rating. Merton’s model gives an advantage to users because it does not require any statistical information of bankrupted company. Therefore I can straightforwardly employ and assign the credit rating of companies. Based on this condition, Merton’s model is more easily applicable in Mongolia.
|
|---|
