监管视角下信用评级的阈值效应

Threshold Effect of Credit Rating from Perspective of Regulation

由于信用评级是对风险的评价,国际组织、各国监管当局以及利益相关者会对信用评级设定规则并进行监管。基于监管者对信用评级的使用和依赖,信用评级变动会引发金融头寸调整而导致经济金融领域的变化,会使受到评级约束的不同主体的投资行为和业务模式发生改变,形成评级变动的阈值效应。

Credit ratings are assessment on risk,so international organizations,domestic regulation authorities and stakeholders would apply credit ratings to set rules and execute regulation.Based on the regulation dependence and application of credit ratings,downward movement of rating may bring commercial banks to adjust their balance sheet in order to meet the requirement of capital adequacy ratio,and promote different subjects restricted by credit rating to change their investment and business mode,and lead to the increase on liquidity pressure of the borrowers through the clause of rating triggers,and finally form threshold effect of credit ratings.