国际信用评级机构主权评级上限规则研究  

A Study of the Sovereign Rating Ceiling Rule of International Credit Rating Agencies

作　　者：詹健 ZHAN Jian(School of Finance,Renmin University of China,Beijing 100872,China)

机构地区：[1]中国人民大学财政金融学院,北京100872

出　　处：《海南大学学报（人文社会科学版）》2020年第5期45-52,共8页Journal of Hainan University （Humanities & Social Sciences）

摘　　要：国际信用评级机构在全球金融市场中的影响力与日俱增,标普、穆迪、惠誉作为寡头垄断的全球三大国际信用评级机构,在全球债券市场定价中扮演着重要作用。三大国际评级机构评级机制的合理性、评级方法的透明度一直受到全社会广泛关注。主权评级上限规则是三大国际评级机构普遍采纳的一项评级原则,即主权国家或地区内部企业的评级水平通常不能超过其主权评级水平。通过系统研究1997—2017年标普公司的评级数据,发现尽管标普等国际评级机构在1997年后名义上放开了主权评级上限规则,但实际该政策仍被国际评级机构持续坚持。另一方面,主权评级上限规则对企业评级的影响是非对称的,该政策对于主权评级不高的新兴市场国家影响尤为明显,所带来的压制效应,抬高了新兴市场企业的融资成本,是一种评级不公,国际评级机构应考虑尽快调整。Credit Rating Agencies(CRAs)have become increasingly influential in the global financial market.S&P,Moody’s and Fitch are three largest credit rating agencies in the world,playing a critical role in global bond market pricing,and their rationality of the rating mechanism and transparency of the rating method have always been the wider concern in society.The sovereign rating ceiling rule,as a rating principle,is generally adopted by the three agencies,which emphasizes that the ratings of enterprises in sovereign countries or regions cannot exceed their sovereign ratings.A systematic study of 1997-2017 S&P rating data shows that the sovereign rating ceiling rule,although having been liberalized nominally by S&P and other rating agencies since 1997,in fact,is still maintained by those agencies.In addition,the impact of the sovereign rating ceiling rule on corporate ratings is asymmetric,and this policy is of particular significance for the emerging market countries where the sovereign ratings are not high,resulting in the repressive effect that increase the financing costs of the enterprises in the emerging markets.Therefore,this kind of rating is unfair,which demands the adjustments by the international rating agencies.

关 键 词：国际评级机构 主权评级 企业评级 主权评级上限规则 

分 类 号：F810.5[经济管理—财政学]