信用评级市场结构与金融市场风险

The Structure of Credit Rating Market and Financial Market Risks

信用评级机构的发展与资本市场的发达程度密切关联,且具有路径依赖和规模效应。当前高度垄断的市场结构导致三大评级机构对市场的影响力过大,降低了它们进行信息披露和模型创新的内在动力,同时与被评级方之间的利益关联也增加了它们评级失准的可能。针对中国信用评级市场的发展,本文提出应着眼于专业化水平高、规模较大的信用评级机构,借此提高中国在国际金融市场上的话语权;同时,监管机构应严格控制信用评级机构介入金融创新业务,降低其与被评级机构之间的利益关联,并要求它们向监管当局提供评级过程中必要的数据和所使用的模型。

The development of credit rating agencies(CRAs) is closely related to that of capital market and shows the characteristics of path-dependence and scale effect.Currently,the highly monopolistic market structure leads to some problems.High market power of the three big CRAs reduces their intrinsic motivation in information disclosure and model innovation.At the same time,the interest connection between them and their customers may decrease the accuracy of their rating and ranking reports.To promote the development of credit rating market in China,we suggest that highly specialized and large-scale credit rating organizations should be built to improve the discourse power of China.Furthermore,regulators should strictly control the financial innovation business of CRAs,reduce their interest connections with their customers and require them to provide the data and models used in the rating process if necessary.