This paper studies the credit evaluation by using the incentive theory from the perspective of managing psychology.The relation among corporate performance, credit rating and redemption incentive to the management is also studied by using empirical analysis. The result of the investigation reveals the following characteristics: the index of corporate performance can predict the transference of corporate credit rating; meanwhile,the index of corporate performance based on cash flow can predict default risk much better and has closer relationship with performance of management than that based on accrual data.