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Article: Alternative approach to credit scoring by DEA: Evaluating borrowers with respect to PFI projects

TitleAlternative approach to credit scoring by DEA: Evaluating borrowers with respect to PFI projects
Authors
KeywordsConstruction
Credit scoring
Data envelopment analysis
Private finance initiative
Public/private partnership
Issue Date2007
PublisherPergamon. The Journal's web site is located at http://www.elsevier.com/locate/buildenv
Citation
Building And Environment, 2007, v. 42 n. 4, p. 1752-1760 How to Cite?
AbstractPrivate finance initiative (PFI), as a form of public/private partnership (PPP), helps to contract the private sector to governmental projects. In contrast to traditional public financed projects, PFI projects are procured by allowing a private sector entity to take the responsibility to design, build, finance, and operate (DBFO) an asset for a contract period of up to several decades. Moreover, banks are perceived to take the leading role in financing PFI projects. Since project financing involves credit assessment of loan applicants, banks have employed popular credit scoring models to assess their creditworthiness. Although the existing models are useful for credit scoring, new models have to emerge in response to ever-changing business practices. This paper therefore aims at introducing the application of data envelopment analysis (DEA) as an alternative credit-scoring model. Unlike traditional credit-scoring building on a formula where weights to a set of criteria are assigned subjectively, DEA will automatically generate the relative weights for analysis. However, incorporating DEA demands additional considerations, which are discussed in this paper. Finally, examples are demonstrated for illustrating this alterative approach to credit scoring by DEA. © 2006 Elsevier Ltd. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/167149
ISSN
2015 Impact Factor: 3.394
2015 SCImago Journal Rankings: 2.121
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorCheng, EWLen_HK
dc.contributor.authorChiang, YHen_HK
dc.contributor.authorTang, BSen_HK
dc.date.accessioned2012-09-28T04:04:37Z-
dc.date.available2012-09-28T04:04:37Z-
dc.date.issued2007en_HK
dc.identifier.citationBuilding And Environment, 2007, v. 42 n. 4, p. 1752-1760en_HK
dc.identifier.issn0360-1323en_HK
dc.identifier.urihttp://hdl.handle.net/10722/167149-
dc.description.abstractPrivate finance initiative (PFI), as a form of public/private partnership (PPP), helps to contract the private sector to governmental projects. In contrast to traditional public financed projects, PFI projects are procured by allowing a private sector entity to take the responsibility to design, build, finance, and operate (DBFO) an asset for a contract period of up to several decades. Moreover, banks are perceived to take the leading role in financing PFI projects. Since project financing involves credit assessment of loan applicants, banks have employed popular credit scoring models to assess their creditworthiness. Although the existing models are useful for credit scoring, new models have to emerge in response to ever-changing business practices. This paper therefore aims at introducing the application of data envelopment analysis (DEA) as an alternative credit-scoring model. Unlike traditional credit-scoring building on a formula where weights to a set of criteria are assigned subjectively, DEA will automatically generate the relative weights for analysis. However, incorporating DEA demands additional considerations, which are discussed in this paper. Finally, examples are demonstrated for illustrating this alterative approach to credit scoring by DEA. © 2006 Elsevier Ltd. All rights reserved.en_HK
dc.languageengen_US
dc.publisherPergamon. The Journal's web site is located at http://www.elsevier.com/locate/buildenven_HK
dc.relation.ispartofBuilding and Environmenten_HK
dc.subjectConstructionen_HK
dc.subjectCredit scoringen_HK
dc.subjectData envelopment analysisen_HK
dc.subjectPrivate finance initiativeen_HK
dc.subjectPublic/private partnershipen_HK
dc.titleAlternative approach to credit scoring by DEA: Evaluating borrowers with respect to PFI projectsen_HK
dc.typeArticleen_HK
dc.identifier.emailTang, BS: bsbstang@hku.hken_HK
dc.identifier.authorityTang, BS=rp01646en_HK
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1016/j.buildenv.2006.02.012en_HK
dc.identifier.scopuseid_2-s2.0-33751511199en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-33751511199&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume42en_HK
dc.identifier.issue4en_HK
dc.identifier.spage1752en_HK
dc.identifier.epage1760en_HK
dc.identifier.isiWOS:000243677900020-
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridCheng, EWL=7201743366en_HK
dc.identifier.scopusauthoridChiang, YH=7201593363en_HK
dc.identifier.scopusauthoridTang, BS=7402560881en_HK

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