债券信用评级膨胀:原因、影响及对策

The Inflation of Bond Credit Ratings: Causes, Impacts and Countermeasures

作为金融市场中重要的信息中介,信用评级机构对于债券定价以及资源配置效率有着重要的影响。然而,现有文献分别从理论与实证角度发现评级机构发行人的付费模式、利益冲突、过度竞争和监管扭曲可能导致债券信用评级失真(即信用评级膨胀),从而影响信用评级功能。因此,本文基于评级膨胀产生的原因,指出了信用评级监管的重要性。本文也基于现有文献、大数据以及评级环境,从评级机构异质性、企业股权性质、市场信息环境改善、评级竞争、违约事件以及评级模型角度指出了未来的研究方向。

As an important information intermediary in the financial market,credit rating agencies play a vital role in bond pricing and increasing the allocative efficiency.However,the existing theoretical and empirical literature finds that the issuer-pay model,conflict of interest,excessive competition and regulatory distortions result in the inflation of bond credit ratings,which further impedes the functioning of credit ratings.Therefore,on account of the causes of rating inflation,this paper highlights the importance of regulating credit rating agencies.On the basis of existing literature,big data and the rating environment,this paper also points out future directions of research along the lines of the heterogeneity of rating agencies,the nature of corporate equity,improvements in market information environment,rating competition,default events and rating models.