付费模式与评级制度对信用评级机构竞争的影响研究  

Research on the Influence of Payment Model and Rating System on the Competition of Credit Rating Agency

作　　者：周岩 赵希男[1] 黄诗童 ZHOU Yan;ZHAO Xi-nan;HUANG Shi-tong(School of Business and Administration, Northeastern University, Shenyang 110819, China;School of Economics and Management, Luoyang Institute of Technology, Luoyang 471023, China;School of Management, Hainan University, Haikou 570228, China)

机构地区：[1]东北大学工商管理学院,辽宁沈阳 [2]洛阳理工学院经济与管理学院,河南洛阳471023 [3]海南大学管理学院,海南海口570228

出　　处：《运筹与管理》2021年第9期194-202,共9页Operations Research and Management Science

基　　金：国家自然科学基金面上项目(71271048);教育部人文社会科学研究青年基金项目(18YJC630270);河南省软科学研究计划项目(212400410121)。

摘　　要：基于信用评级行业的关键作用与改革争议,本文根据信用评级行业的双边市场特征,建立由信用评级机构、债券发行方、债券投资者组成的平台竞争模型,设定了发行方付费且单评级、投资者付费且单评级、发行方付费且双评级的三种信用评级制度,对信用评级机构的竞争行为与社会福利进行对比分析。研究发现:目前主流的发行方付费且单评级制度下,信用评级机构的评级费用和利润水平均为最高,社会总福利水平则居中。在单评级制度下推广投资者付费模式,可以在信用评级机构受冲击最小的情况下,适当提高社会总福利水平,不失为当前我国信用评级制度改革的最佳选择。单评级制度下,信用评级机构可以通过增加差异化程度来提高评级费用和利润水平,但在双评级制度下则面临全新竞争决策的挑战。Based on the reform controversy and the key role of the credit rating industry,this paper establishes a platform competition model consisting of credit rating agencies,bond issuers and bond investors according to two-sided market characteristics of the credit rating industry.In order to compare the competition behavior and social welfare of credit rating agencies,the model sets the three institutional backgrounds of issuer-pay&single-rated,investor-pay&single-rated and issuer-pay&dual-rated.The study finds that under the system of issuer-pay&single-rated,the credit rating agencies have the highest rating fees and profit levels,and the social total welfare level is in the middle.Promoting investor-pay under the single-rated system can appropriately improve the total social welfare level,and credit rating agencies are least affected.Therefore,investor-pay&single-rated is the best choice for the current reform of China’s credit rating system.Under the single-rated system,credit rating agencies can increase the rating price and profit level by increasing the degree of differentiation,but under the dual-rated system,they face the challenge of new competitive decision-making.

关 键 词：信用评级 收费模式 评级制度 平台竞争 间接网络效应 

分 类 号：F832.51[经济管理—金融学]