信息不对称、成本与证券评级业的产生

Asymmetry Information、Cost and Emergence of Bond Bating Industry

本文从信息经济学及产权经济学的观点出发，对证券评级业产生机理进行了理论分析，认为在需求创造的背后存在着更深的经济学含义———证券评级业是不完全信息条件下，出于对不利选择，道德风险及成本的考虑而产生的。信息不对称和成本是促使它从无到有的核心因素。

This Paper analyses the emergence of bond rating industry based on the opinions of economics of information and economics of property rights. the analysis reveals economics significance covered by the phenomenon of demand creating something, that is,it considers adverse selection、moral hazard and cost under imperfect information. Then bond rating industry births out.Asymmetry of information and cost are the core factors which push it from non_existence to existence.