信用评级收费模式:机制与选择

Credit rating charge model--mechanism and option

本文对资信评级机构的收费模式进行了经济学分析,认为由于声誉机制的作用和信息交易中搭便车因素的影响,中小型评级机构只能够对投资者收费,大型评级机构才可能采取向证券发行人收费的模式。中国的资信评级机构从历史信誉和公司规模都是中小型机构,采取对证券发行人免费评级、向投资者收费的模式是当前我国评级机构的必然选择。

The paper analyzes charge model of credit rating agency, and draws the conclusion that middle and small scale rating agencies can only charge the investors, while the large scale rating agencies can adopt the model to charge securities issuers because of their reputation and free-riding effect in information transaction process. The scale of Chinese rating agencies is small in terms of reputation and asset, therefore, it is the inevitable choice for Chinese rating agencies to charge only the investors.