摘要
增加评级行业竞争程度是否有利于改善信用评级质量,在国内外一直存在争议。基于我国债券市场信用评级数据,本文研究发现:评级行业竞争推高了发债企业初始的主体信用等级和债项信用等级,并且竞争越激烈,评级高估程度越大。不论是在低集中度竞争型评级市场还是在分散竞争型评级市场,也不论是在原有评级市场格局中还是在新评级机构进入之后,评级行业竞争加剧都催化了评级膨胀问题,并且新进入者进一步推高了评级水平和高估程度。但是,跟踪信用评级并没有因评级行业竞争加剧而出现明显的上调现象。进一步研究发现,市场和投资者能够在一定程度上识别不合理的信用评级水平,并对其降低融资利率的背书作用给予"折扣"。本文最后提出了实施限量准入和分类监管等6项评级治理建议。
Based on the credit rating data of China’s bond market,this paper finds that increased competition among the credit rating agencies in China will boost the credit rating for firms and bonds,the more intense the competition is,the more obvious the problem of credit rating is.Which resulted in over-rating of bonds in both the low competitive rating market and the diverse competition rating market,and in the credit rating for firms and bonds.Higher credit rating is not only due to over competition among original credit rating agencies in rating market,but also due to the competition from the new entrant to the rating market.However,fierce competition does not significantly affect the tracing rating process and thus the rating adjustment is not over-rated.In addition,the unreasonable level of credit rating can be obtained and discounted by the market and investors.Finally,this paper puts forward six suggestions on rating governance,including limited access and classified supervision.
作者
陈关亭
朱松
Chen Guanting;Zhu Song
出处
《金融学季刊》
2021年第4期1-25,共25页
Quarterly Journal of Finance
基金
教育部人文社会科学研究规划基金项目(18YJA630156)
国家自然科学基金项目(71372047)
北京市自然科学基金面上项目(9192017)的资助
关键词
评级行业竞争
信用评级水平
评级高估
评级治理建议
competition in rating industry
credit rating level
over-rated
suggestions on rating governance
