本文選題：外部信用評級機(jī)構(gòu) + 客觀性　； 參考：《復(fù)旦大學(xué)》2013年碩士論文

【摘要】：本文旨在通過梳理外部信用評級機(jī)構(gòu)發(fā)展的歷史邏輯、構(gòu)建外部信用評級機(jī)構(gòu)評級客觀性的理論分析框架、檢驗外部信用評級機(jī)構(gòu)評級的客觀性、以及探討外部信用評級機(jī)構(gòu)評級客觀性的制度安排,以綜合評價外部信用評級機(jī)構(gòu)的客觀性,并提出相應(yīng)的政策建議。在梳理歷史邏輯方面,本文對比了政府干預(yù)外部信用評級行業(yè)前后評級機(jī)構(gòu)的評級表現(xiàn)。在構(gòu)建理論框架方面,本文一方面根據(jù)金融中介理論證明外部信用評級機(jī)構(gòu)存在的必要性；另一方面通過建立外部信用評級機(jī)構(gòu)評級結(jié)果選擇路徑模型,找出影響外部信用評級機(jī)構(gòu)評級客觀性的三點因素,即評級業(yè)務(wù)的收入、信用債的違約概率、以及聲譽對評級機(jī)構(gòu)的影響力。在實證檢驗部分,本文通過將穆迪信用評級模型對當(dāng)前中國信用債市場存續(xù)期內(nèi)信用債評級與中國國內(nèi)外部信用評級機(jī)構(gòu)給出的評級結(jié)果進(jìn)行對比,發(fā)現(xiàn)中國國內(nèi)評級機(jī)構(gòu)評級普遍偏高,其中國內(nèi)外部信用評級機(jī)構(gòu)對國有企業(yè)與民企的評級標(biāo)準(zhǔn)可能存在差異；此外,從市場著眼的KMV模型對案例的測算結(jié)果驗證了從企業(yè)財務(wù)狀況著眼的穆迪信用評級模型。在探討制度安排方面,本文分析了影響外部信用評級機(jī)構(gòu)評級客觀性的四點制度安排。
[Abstract]:By combing the historical logic of the development of external credit rating agencies, this paper aims to construct a theoretical analysis framework for the objectivity of external credit rating agencies, and to test the objectivity of external credit rating agencies.This paper also discusses the institutional arrangement of the objectivity of external credit rating agencies in order to comprehensively evaluate the objectivity of external credit rating agencies and put forward corresponding policy recommendations.In the aspect of historical logic, this paper compares the performance of rating agencies before and after government intervention in external credit rating industry.In the aspect of constructing theoretical framework, on the one hand, according to the theory of financial intermediation, this paper proves the necessity of the existence of external credit rating agencies; on the other hand, by establishing the path model of external credit rating agencies' rating results,Identify three factors that affect the objectivity of external credit rating agencies, namely, the revenue from rating businesses, the probability of default on credit debt, and the impact of reputation on rating agencies.In the part of empirical test, this paper compares the credit rating of China's credit market with that of domestic and external credit rating agencies through Moody's credit rating model.It is found that the ratings of domestic rating agencies in China are generally on the high side, in which there may be differences between the rating standards of state-owned enterprises and private enterprises by domestic and external credit rating agencies; in addition,The results from the market-oriented KMV model verify the Moody's credit rating model which is based on the financial situation of the enterprise.In the aspect of institutional arrangement, this paper analyzes four institutional arrangements that affect the objectivity of external credit rating agencies.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前1條

1 金曉夢;應(yīng)宇騁;;我國上市公司債券信用風(fēng)險度量研究——基于KMV模型分析[J];浙江金融;2012年09期

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本文編號：1751012