信貸市場信用評級收費模式的路徑選擇
發(fā)布時間：2018-07-22 10:59
【摘要】：全球金融危機以來,人們對信用評級業(yè)特別是對標(biāo)普等三大評級公司的評級行為及結(jié)論給予了高度關(guān)注。從次貸危機到全球金融危機,再到歐洲主權(quán)債務(wù)危機,評級業(yè)引起了金融市場的普遍不滿,其評級水平、方法和機制等受到了廣泛質(zhì)疑。其中,發(fā)行人付費的評級收費模式所面臨的利益沖突問題被認(rèn)為是重要原因之一,利益沖突可能直接影響其獨立性。 我國是以間接融資為主的發(fā)展中國家,信貸市場應(yīng)當(dāng)是信用評級發(fā)展的主要市場。由于我國信貸市場信用評級起步較晚,發(fā)展不成熟,尚未建立有效的聲譽機制,評級機構(gòu)小、散、弱狀況突出,市場有效需求和應(yīng)用不足,對評級收費模式的研究比較欠缺。由于評級收費模式可以直接影響評級結(jié)果的公正性、獨立性,以及評級機構(gòu)的社會公信力,因此研究信貸市場信用評級收費模式,對于我國信貸市場信用評級市場的健康發(fā)展,構(gòu)建良好的信用環(huán)境和金融秩序具有重要意義。 本文在闡述相關(guān)評級收費基本理論的基礎(chǔ)上,介紹了國內(nèi)外信貸市場信用評級開展情況,結(jié)合我國信貸市場信用評級的特點,對債券市場和信貸市場信用評級差異進行比較,分析我國目前信貸市場主要評級收費模式的特點,并以信用評級“萊商模式”、“農(nóng)信模式”為典型案例,研究探討適合我國國情信貸市場信用評級收費模式的發(fā)展路徑。 本文的主要研究成果和創(chuàng)新之處可以歸納如下： 1.從“聲譽機制”、“誰受益誰付費”、“執(zhí)行成本”、“實際委托人”“規(guī)避利益沖突”五個視角,對目前信貸市場上存在的“被評級企業(yè)付費”、“使用方付費”、“代收費”等三種評級收費模式進行全面分析和比較,分析其存在的環(huán)境基礎(chǔ)和優(yōu)勢特點。 2.信貸市場信用評級的有效需求在地方中小金融機構(gòu)。中小企業(yè)由于戶數(shù)多,一般通過地方中小金融機構(gòu)獲取信貸資金,地方中小金融機構(gòu)對外部信用評級產(chǎn)品存在現(xiàn)實需求。 3.“被評級企業(yè)付費”模式將在一段時期內(nèi)長期存在。由于中小企業(yè)在信貸市場往往處于被動和弱勢地位,由借款企業(yè)支付評級費用,更容易被市場接受。 4.“使用方付費”是部分中小金融機構(gòu)的階段性需求。為確保外部評級客觀、公正,部分有資金實力中小金融機構(gòu)選擇了買斷評級報告的模式,學(xué)習(xí)評級技術(shù)。 5.“代收費模式”應(yīng)該是未來評級收費發(fā)展方向。它阻斷了評級機構(gòu)與受評企業(yè)的利益糾葛,既解決了借款企業(yè)付費帶來的“評級購買”問題,又解決了商業(yè)銀行全部承擔(dān)評級費用帶來的財力負(fù)擔(dān)問題。
[Abstract]:Since the global financial crisis, people have paid great attention to the credit rating industry, especially to the rating behavior and conclusions of the three major rating companies such as S & P. From the subprime mortgage crisis to the global financial crisis to the European sovereign debt crisis, the rating industry has caused widespread dissatisfaction in financial markets, its rating level, methods and mechanisms have been widely questioned. Among them, the issue of conflict of interest faced by issuer's rate charging model is considered to be one of the important reasons, and the conflict of interest may directly affect its independence. China is a developing country with indirect financing, and credit market should be the main market for credit rating development. Due to the late start and immature development of credit rating in our credit market, there is no effective reputation mechanism, the rating agencies are small, scattered, weak situation is prominent, market effective demand and application is insufficient, and the research on rating charging model is relatively lacking. Since the rating charging model can directly affect the impartiality, independence and social credibility of the rating agencies, the study of the credit rating charging model in the credit market is of great importance to the healthy development of the credit rating market in China. It is of great significance to build a good credit environment and financial order. On the basis of expounding the basic theory of related rating and charging, this paper introduces the development of credit rating in domestic and foreign credit markets, and compares the differences between bond market and credit market credit rating according to the characteristics of credit rating in China's credit market. This paper analyzes the characteristics of the main credit rating and charging modes in the credit market of China, and takes the credit rating model as the typical cases to study and discuss the development path of the credit rating charging model suitable for our country's national conditions. The main achievements and innovations of this paper can be summarized as follows: 1. From the five perspectives of "reputation mechanism", "who benefits who pays", "execution cost", "actual client" and "avoiding conflict of interest", the author pays for the existing credit market of "rated enterprise", "user pays", This paper makes a comprehensive analysis and comparison of three kinds of rating and charging modes, such as "surrogate charge", and analyzes its environmental basis and advantages and characteristics. 2. Credit market credit rating effective demand in local small and medium-sized financial institutions. Because of the large number of households, SMEs generally obtain credit funds through local small and medium-sized financial institutions, and local small and medium-sized financial institutions have a realistic demand for external credit rating products. 3. The "rated companies pay" model will exist for a long time. Because SMEs are often in a passive and weak position in the credit market, it is easier to accept rating fees from borrowing companies. 4. 4. User-paying is the phased demand of some small and medium-sized financial institutions. To ensure that external ratings are objective and fair, some small and medium-sized financial institutions with financial strength have chosen the model of buy-out rating reports, and have studied rating techniques. 5. "surrogate charging mode" should be the future development direction of rating fees and charges. It not only resolves the problem of "rating purchase" brought about by the payment of loan enterprises, but also resolves the financial burden caused by the commercial banks bearing all the rating costs.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.4
本文編號：2137223
[Abstract]:Since the global financial crisis, people have paid great attention to the credit rating industry, especially to the rating behavior and conclusions of the three major rating companies such as S & P. From the subprime mortgage crisis to the global financial crisis to the European sovereign debt crisis, the rating industry has caused widespread dissatisfaction in financial markets, its rating level, methods and mechanisms have been widely questioned. Among them, the issue of conflict of interest faced by issuer's rate charging model is considered to be one of the important reasons, and the conflict of interest may directly affect its independence. China is a developing country with indirect financing, and credit market should be the main market for credit rating development. Due to the late start and immature development of credit rating in our credit market, there is no effective reputation mechanism, the rating agencies are small, scattered, weak situation is prominent, market effective demand and application is insufficient, and the research on rating charging model is relatively lacking. Since the rating charging model can directly affect the impartiality, independence and social credibility of the rating agencies, the study of the credit rating charging model in the credit market is of great importance to the healthy development of the credit rating market in China. It is of great significance to build a good credit environment and financial order. On the basis of expounding the basic theory of related rating and charging, this paper introduces the development of credit rating in domestic and foreign credit markets, and compares the differences between bond market and credit market credit rating according to the characteristics of credit rating in China's credit market. This paper analyzes the characteristics of the main credit rating and charging modes in the credit market of China, and takes the credit rating model as the typical cases to study and discuss the development path of the credit rating charging model suitable for our country's national conditions. The main achievements and innovations of this paper can be summarized as follows: 1. From the five perspectives of "reputation mechanism", "who benefits who pays", "execution cost", "actual client" and "avoiding conflict of interest", the author pays for the existing credit market of "rated enterprise", "user pays", This paper makes a comprehensive analysis and comparison of three kinds of rating and charging modes, such as "surrogate charge", and analyzes its environmental basis and advantages and characteristics. 2. Credit market credit rating effective demand in local small and medium-sized financial institutions. Because of the large number of households, SMEs generally obtain credit funds through local small and medium-sized financial institutions, and local small and medium-sized financial institutions have a realistic demand for external credit rating products. 3. The "rated companies pay" model will exist for a long time. Because SMEs are often in a passive and weak position in the credit market, it is easier to accept rating fees from borrowing companies. 4. 4. User-paying is the phased demand of some small and medium-sized financial institutions. To ensure that external ratings are objective and fair, some small and medium-sized financial institutions with financial strength have chosen the model of buy-out rating reports, and have studied rating techniques. 5. "surrogate charging mode" should be the future development direction of rating fees and charges. It not only resolves the problem of "rating purchase" brought about by the payment of loan enterprises, but also resolves the financial burden caused by the commercial banks bearing all the rating costs.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.4
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