投资者付费的债券评级模式是否更优

Is the Investor-Pay Rating Model Better

评级机构与被评对象的利益冲突问题一直广受争议。以投资者付费评级模式产生为契机,并将其作为传统评级模式的对照样本,实证检验我国企业债与公司债评级决定因素,投资者付费模式是否改善了现有评级的质量,以及不同付费模式对信用评级高低的影响。研究发现,市场公开的财务指标、债券和公司特征能较好地解释现行评级体系;现有评级模式并没有因为投资者付费模式的产生而改善,但是与投资者付费模式相比,现行评级等级显著偏高,存在信用评级膨胀现象。

The conflict of interest between rating agencies and respondents has been controversial.Using the investors-pay rating model as a control sample of tradition,this paper tries to investigate the determinant of credit ratings in our country,and focuses on whether the credit rating quality can be improved when the investor-pay rating model comes on the market,and tests the difference between investor-pay model and issuer-pay model.We find that the financial indicators,bonds and company characteristics affect credit rating.The traditional rating quality does not improve as the appearance of investors-pay rating model.The empirical results show that credit rating inflation does exist in bond market.