文章摘要
我国信用评级行业声誉约束的实证分析
An Empirical Analysis of Reputation Mechanism of China’s Credit Rating Industry
  
DOI:
中文关键词: 信用评级行业  声誉约束  信用利差  中期票据
英文关键词: credit rating industry  reputation mechanism  credit spread  medium term note
基金项目:国家自然科学基金面上项目(71073050);湖南省软科学项目(2011ZK3107);教育部高校博士点基金项目(20100161110021)
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中文摘要:
      声誉约束是信用评级行业运行的基石。通过培育和完善声誉约束能够降低信息不对称下信用评级机构的违规动机。基于2008~2011的中期票据的数据,通过构建一个多元回归模型,对我国信用评级行业声誉约束进行了实证分析。结果表明,声誉约束起到了一定的作用,但作用比较有限。
英文摘要:
      Reputation mechanism is the base of credit rating industry.By cultivating and perfecting the reputation mechanism,the cheating incentives of credit rating agencies can be reduced under information asymmetry.Based on the data on medium term note from 2008 to 2011,an empirical analysis of reputation mechanism of China’s credit rating industry is conducted by building a multi-regression model.The result shows that the reputation mechanism works,but the effect is limited.
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