债券评级市场对外开放下我国信用评级质量研究  

Research on China's Rating Quality under the Opening up of the Bond Rating Market

作　　者：许静怡 鲁统宇 袁伟 XU Jingyi;LU Tongyu;YUAN Wei(School of Economics and Management,China Jiliang University,Hangzhou 310018,China)

机构地区：[1]中国计量大学经济与管理学院,杭州310018

出　　处：《中国证券期货》2025年第1期55-65,77,共12页Securities & Futures of China

基　　金：国家自然科学基金面上项目(72071186);国家市场监督管理总局科技计划项目(2023MK232)。

摘　　要：自我国2017年开放评级市场以来,标普、穆迪和惠誉等国际评级机构相继进入,评级行业竞争格局的改变对评级质量也产生影响。本文以2014—2023年国内银行间和交易所发行的企业债债项评级、主体评级为样本,研究评级市场对外开放政策对评级质量的影响。研究发现:评级市场对外开放政策有效抑制了我国评级虚高现象;进一步研究发现,评级市场的对外开放政策增强了信用评级降低信用利差作用,表明我国评级质量实现提升。基于研究结论,提出在评级市场国际化进程中,利用行业监管有效实现国内评级结果“引进来”和“走出去”的政策建议。Since China opened up the rating market in 2017,international rating agencies such as Standard&Poor's,Moody's and Fitch have entered one after another,and in this context,the change in the competitive landscape of the rating industry has also had an impact on the rating quality.This paper takes the debt rating and entity rating of corporate bonds issued by domestic interbank and exchange exchanges from 2014 to 2023 as the research object,and studies the impact of rating competition on the rating quality of China under the policy of opening up the rating market.The results show that the policy of opening up the rating market to the outside world has effectively suppressed the phenomenon of inflated ratings in China.Further research finds that the opening-up policy enhances the role of ratings in reducing credit spreads by influencing rating results.Based on the research conclusions,this paper puts forward policy suggestions for industry supervision to effectively realize the“introduction”and“going out”of domestic rating results in the process of internationalization of the rating market.

关 键 词：对外开放 行业竞争 评级质量 行业监管 

分 类 号：F832.51[经济管理—金融学]