如何以系統化方式進行廠商信用評等，一直是一個受到學術與實務界關切的議題 。由現有文獻可發現，財務報表資訊對於信用評等或銀行授信評估具有十分可貴的預測力， 因此財務報表分析已成為信用評等不可或缺的一環。然而，過去的研究在尋找可用的財務比 率時，大多是利用統計數理計量模型的操作選出解釋能力較高的財務比率，幾乎清一色屬於 資料驅動 (Data Driven) 型的研究，而久缺理論架構做為研究基礎，因此信服力較低。 本研究跳脫以往資料驅動的研究方式，以廠商生存理論為基礎，發展出財務評等五力分析模 型。由五項動力來分析廠商生存成長的潛力：收益力、成長力、流動力、安定力、與活動力 。並利用財務比率分析由財務面衡量這五項動力表現。 本研究利用觀光業上市公司近三年財務資料，透過本研究所提出之財務評等五力分析模型進 行財務面信用評等，並檢視各公司舉債資金成本，發現與本研究評等結果大致吻合，初步證明 本研究之財務評等五力分析模型確實可以比較出不同公司間的風險高低，具有相當的適用性與 有效性。 本研究可達到兩項研究目的。第一、為財務比率的應用提供理論基礎。第二、為目前國內發 展中的信用評等制度提供一項財務面的評等模型。

　　　　　How to Systematically Rate the Credit of Business Has Been a concerned Issue Acdemically and Practically. According to the Literature, the Information of Financial Statements Proves to be very Useful for credit Rating. However, the Financial Ratios used are Mostly Chosen by Statistical Methods, Instead of any theory Reasoning. In Other Words, they are Mostly Data-Driven, Lack of Theoretical Structure. That's Also the Most Criticism Going about. To Avoid the Weakness of Data-Driveness, This Study developes the Financial 5-Force Credit Rating Model on the Basis of Firm theories. It Argues That Firms' Potential to be Successful Can be Analyzed by Five Dimemsions or Forces: Force of Profitability, Growth, Liquidity, Stablability, and Activity, Five Forces are Measured by financial Ratios. In Addition, this Study Analyzes the Lately Three-Year Financial Statements of Six Listed Tourism Companies (1993-1995). Through the Model Proposed by This Study, We Rank the Credit Status of Six companies. We Further Examine the Debt Cost of Each Company and Find That It is Consistent to the Ranking Result of this Study. This Proves Preliminerly That the Model of This Study is Able to tell the Difference of the Default Risk Effectively. This Research Makes Two Contributions: (1) Providing a theory Foundation for the Practice of Financial Ratios. (2) Providing a Financial Model for Credit Rating, Which is Most Concerned and Zealouslynourished in the Current Stage of Taiwan.