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CREDIT RISK ASSESSMENT FOR SMES: THE CZECH CASE
Abstract
Small and medium sized companies are reasonably considered as the backbone of the economy many countries. Thanks to their simple structure, they can respond quickly to changing economic conditions and meet local customers’ needs, growing sometimes into large and powerful corporations or failing within a short time of the firm’s inception. Therefore, they are significantly different from large companies from the credit risk point of view. We would like to show the importance to assess the SMEs credit risk separately from large companies, additionally we separate micro sized, small sized and medium sized enterprises. To invent the most precise bankruptcy model is permanent subject of many scientific researches and there have also been developed many bankruptcy models for corporate entities, but they do not respect size of entities, therefore their predictability could be misleading. The aim of this article is the comparison of the popular bankruptcy models, namely the Ohlson O-score, the Zmijewski’s model, the Taffler’s model, the IN05 model with the Altman model developed in 2007 especially for SMEs. We compare predicting abilities of these models in their basic form using the classification table and ROC curve.
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