Research On Competitiveness Of Crediting Rating Industry In China Based On The View Of Industrial Security

In an economy dominated society,credit has played an important role in social development.Credit rating determines the cost of corporate finance and restricting its survival and development space.Moreover,it affects a country's asset prices and the stability of its financial market.With decades of economic and financial development,financial products,institutions and even sovereign states have been included in the rating range.Therefore,credit rating occupies the commanding heights in controlling the capital markets.It is closely related with the financial speaking right and financial sovereignty of the country.However,because of improper rating and lack of speaking right,a large number of state-owned assets of China were seized by foreign investors.China now faces with severe security issues in credit rating industry.These should be studied.Currently,researches on the credit rating industry,except those on rating techniques and methods,mostly using qualitative analysis,rather than quantitative analysis and modeling less.And those researched are mostly focused on the interest conflicts of credit rating and regulatory system.To fill the credit rating industry safety research gaps and protect the credit rating industry sustained and healthy development,and thus to safeguard national economic and financial security,providing a theoretical basis,this article will take a comprehensive research on Chinese credit rating industry security,emphatically from the angle of competitiveness.The study is this paper is divided into two parts,theoretical and empirical studies,as follows.1.Theoretical studiesIn chapter 3,combining theory and reality,this paper puts forward the definition of the credit rating industry security and defines its connotation.And then we develop an analysis framework of the safety of China's credit rating industry,a triangle model.In this model,we analyze credit rating industry security problem from three aspects,subject security,object security and products security.The conclusion is,the credit rating industry safety issues is primarily depending on the industry's own security.In chapter 4.we analyze credit rating industry's own security from two aspects,the survival and development.Through logical reasoning and analysis,we conclude the key to solve these problems to be the competitiveness of industry.2.Empirical studiesIn chapter 5 and chapter 6,on the basis of above theoretical study,we put forward China's credit rating industry competitive analysis model using quantitative analysis method.At first,directing at China's credit rating industry competitiveness problem,we analyze the different between the index comprehensive evaluation method and the total factor productivity method,as well as their advantages.And then,we use principal component analysis and DEA methods to take empirical researches on China's credit rating industry competitiveness problem,respectively from the angles of integrated interpretation and the output growth contribution of technological progress.Combining the conclusion of the two methods,the development path of China's credit rating industry competitiveness has carried on,and a series of practical and feasible suggestions and countermeasures are put forward.The innovations of this research are as follows.1.Innovatively clear the connotation of the credit rating industry security.By analysis on definition and theory of industrial safety,combined with the economic characteristics of credit rating industry,we put forward the definition of the credit rating industry security that is,the survival and development of a country's credit rating industry itself is secured and will not harm the country's economic security,especially the financial security.2.Innovatively put forward the analysis of the China's credit rating industry security,and summed up the critical and essential factors of China's credit rating industry safety-industrial competitiveness.Considering credit rating as the nature of the special services,respectively,this paper built China's credit rating industry safety analysis framework to form a triangular model in three ways:the main safety,object safety and product safety of credit rating.And the research proposes that the security issues of the credit rating industry depend on industry's own security ultimately through the analysis.Then,combined with the current situation of China's credit rating industry,in the survival and development,formed the analysis framework of China's credit rating industrial security.And by making the credit rating industry classification and attribution of credit rating industrial security issues,the Chinese credit rating industry factors and the nature of the key safety factors attributed to industrial competitiveness.3.Innovatively did quantitative research on the competitiveness of Chinese credit rating industry.From the two perspectives on comprehensive and efficiency evaluation,used principal component analysis and DEA analysis respectively and made some conclusions.According to these conclusions,we obtain a series of policies and suggestions about the competitiveness development path of China's credit rating.