信用评级策略对评级机构市场地位的影响研究——基于评级机构年度业务开展及合规运行情况报告的分析

The Impact of Credit Rating Strategy on Market Position of Credit Rating Agencies-A Research Based on the Annual Business Development and Compliance Operation Report of Credit Rating Agencies

近年来我国信用评级行业竞争愈发激烈,而评级机构是如何采取不同评级策略维护或扩大其市场份额的呢?本文以2016~2020年我国信用债为样本,探究了评级结果策略、评级收费策略和主动评级策略对信用评级机构市场份额的影响,研究发现,偏高的评级结果策略、偏低的评级收费策略能帮助评级机构占据更大的市场份额,而主动评级策略对信用评级机构提升市场份额并无帮助,甚至会导致市场份额下降。同时,评级策略之间还会相互影响,对其市场份额产生不同作用。而声誉机制能够发挥积极的作用,让偏高评级、偏低收费的信用评级策略带来的市场份额扩张程度有所削弱,并提高主动评级的公益性,导致其带来的市场份额缩小效果进一步降低。本文为针对评级机构的有效监管提供了借鉴和参考,也为信用评级的市场化改革和声誉机制的有效建立提供了经验证据。

Given that the credit rating industry in China has becoming more and more competitive,how does the credit rating agencies(CRAs hereafter)adopt different strategies to maintain or increase their market share?Based on credit bonds issued in China from 2016 to 2020,this study examines the effects of rating result strategy,rating fee strategy and unsolicited rating strategy on the market share of CRAs,finding that:high rating result strategy and low rating fee strategy can help CRAs to obtain larger market share.The unsolicited rating strategy does not help CRAs to increase their market shares,and even lead to a decline.In addition,the rating strategies interact with each other and affect the market share of CARs.At the same time,rating strategies would influence each other and have different effects on their market share.The reputation mechanism can play a positive role in weakening the market share expansion brought by the credit rating strategies of high rating and low fee,and improving the public welfare of active rating,resulting in further attenuating the market share reduction effect brought by it.This study provides empirical evidence on the regulation of CRAs and the market reform of credit rating market to establish the reputation mechanism.