信用评级行业管理模式研究——基于政府监管和自律管理相互替代的经济学框架  

A Study on the Management Model of the Credit Rating Industry:Based on the Economic Framework of the Interplay between Government Regulation and Self-Regulation

作　　者：王海龙 王金磊 刘杨晖 Wang Hailong;Wang Jinlei;Liu Yanghui(CCB Engineering Consulting Co.,Ltd,Beijing 100081,China;Shandong University of Finance and Economics,Jinan 250014,Shandong,China;East China Jiaotong University,Nanchang 330013,Jiangxi,China)

机构地区：[1]建银工程咨询有限责任公司,北京100081 [2]山东财经大学,山东济南250014 [3]华东交通大学,江西南昌330013

出　　处：《征信》2024年第6期37-43,共7页Credit Reference

基　　金：江西省社会科学基金项目(22YJ50D);江西省高校人文社科项目(JJ22212);江西省教育厅科技项目(GJJ2200631);黑龙江省社会科学研究规划项目(19FXE275)。

摘　　要：政府部门和行业自律性组织对于信用评级行业的管理作用有一定差异。通过梳理和总结美国和欧洲评级行业的发展历程,提出了政府监管和自律管理相互替代的4类模型的经济学框架;同时考虑环境要素,分析不同评级行业管理模式带来的边际收益和边际损失。研究总结了3种评级行业发展环境,包括自发形成的环境、获得定价权的环境和外部引入的环境。我国作为从外部引入评级行业的环境,评级产品有效性较差,政府监管还需发挥主导作用。Government departments and industry self-regulatory organizations have certain differences in the management of the credit rating industry.By sorting out and summarizing the development course of the rating industry in the United States and Europe,an economic framework of four models where government regulation and self-regulation for each other has been proposed.At the same time,by considering environmental factors,the marginal benefits and marginal losses brought by different rating industry management models are analyzed.The research summarizes three development environments of the rating industry,including the spontaneously formed environment,the environment where pricing power is obtained,and the environment introduced from the outside.As an environment where the rating industry is introduced from the outside,China has a relatively poor effectiveness of rating products,and government regulation still needs to play a leading role.

关 键 词：信用评级 政府监管 自律管理 替代 

分 类 号：F832[经济管理—金融学] D922[政治法律—法学]