我国信用评级业的发展状况研究

我国信用评级业的进展状况研究

----基于信用评级对我国债券市场的阻碍分析

内容摘要

近年来,我国债券市场进展迅速。我国的债券总量得到了极大的提高,债券种类也得到了专门大的丰富。然而,其中的企业债所占份额依旧太少.我国企业的债券融资渠道还没有专门好的发挥。要进展好我国的企业债市场,最重要的一个方面是进展和完善我国的信用评级市场。

在当前的市场经济环境中，信用是经济和金融体系中最为基础和核心的因素，这一现象在债券市场中表现得更为明显。首先，债券市场的存在本身确实是以信用存在为前提的；其次，在完善的债券市场中，发债主体信用度的高低决定了其债券能否被市场同意，而债券本身的信用等级更是决定了债券的价格和发行的模式。从那个角度上讲,完善的信用评级业对我国债券市场的进展至关重要。

然而,我国的信用评级业还处于起步时期,在债券评级业上,还存在专门多问题。由于我国企业债券具有准国债的性质,使得债券的利率发生了扭曲,尽管企业进行了评级,但不同的评级结果仍按同一债券利率发行。评级成了一种资格审查,利率由政府确定。这就启发我们考虑,我国的信用评级业进展现状如何,其对债券市场的阻碍程度如何。这确实是本文研究的核心内容。

文章通过介绍国内外已有的研究成果,对我国信用评级市场的现状和问题进行了定性和定量分析。在定量研究中,文章运用

了真实利息成本模型和事件研究模型,发觉不论是在企业债券的一级市场依旧二级市场,我国信用评级都有一定的阻碍力。最后,针对存在的问题,文章提出了进展我国信用评级业的政策建议。

关键词:信用评级债券评级发行成本收益率

ABSTRACT

These years, our country’s bond markets have been developing quickly. The total of our bonds has increased a lot, and the types have been greatly enriched. However, the share of corporate bond is still too small. The financial channel of corporate bond isn’t well developed. And one of the most important aspects to develop corporate bond market is to improve our credit ratings market.

In the current market environment, credit is the core of economy and financial system. This phenomenon is far more apparent in bond markets. First, the bond markets are based on credit; Second, in perfect bond markets, the credit degree of the issuers determines the acceptance of their bonds, and the bonds’ credit rating themselves determine their prices and issuing patterns. In this point, improving our credit rating industry is vital to the development of our country’s bond market.

However, Chinese credit rating industry is still in its infancy period. There are also many problems in the bond rating industry. As quasi-government bonds, corporate bonds’ interest rate s have been controlled. Although companies are rated, the companies having different credit rating issue bonds at the same interest rate. Bond ratings become a test of qualification, interest rate is determined by the Government. This inspires us to think what China's credit rating industry and the degree of its influence on the bond market look like. This is what the paper mainly researches.

By describing the existed articles from home and abroad, the article applies qualitative and quantitative analysis on the status of Chinese credit rating industry. In the quantitative part, the paper uses the true interest cost model and the event study model, and find that both in the primary market and the secondary market of our bond market, our credit ratings play some influence. Finally, according to the problems, the article proposes some suggestions to develop our credit rating industry.

KEY WORDS: credit rating; bond rating; issuance cost; return rate