基于组合赋权法的中国地方债评级研究

Research on Chinese Local Debt Rating Based on Combination Weighting Method

中国区域债务的结构化差异使得地方信用评级研究至关重要。本文将对国内外评级机构相对系统和成熟的地方政府信用评级方法进行总结,在此基础上,以城投债的甄选为主要目的,建立系统的地方债信用评级框架,进而依据数据的可获性及其他相关因素进行指标筛选,对各个指标进行赋权并打分,最后给出各地方政府的分数用以比较地方信用评级水平。

The structural differences between region’s debts in China make local credit rating research crucial. This paper summarizes the relative systems ofboth domestic and international rating agencies and the mature methods of local government credit ratings. On this basis, this paper aims primarily at selecting Quasi-municipal Bonds, establishes the systematic credit rating framework of local government debts,and based on the availability of data and other related factors,then screens the indexes, weights and grades each index, and finally gives the local government scores to compare the local credit rating level.