Research On The System Of Personal Credit Market In China

Modern market economy is a credit economy.The premier Li Keqiang once said,credit is a basis of market economy,speeding up the construction of the social credit system,is the basic project to improve the socialist market economic system,it is conducive to play a decisive role in allocating market resources,standardizing market order,reducing transaction costs,enhancing the predictability and efficiency of economic and social activities.The premier also pointed out in a government work report that,to promote the construction of the social credit system,a unified national social credit code system and credit information sharing platform is needed,the construction of a full range of credit market system is imminent.As a part of the whole credit system,personal credit system plays an important role in the economic society.Meanwhile,China's personal credit market is also faced with many problems and drawbacks,mainly reflected in the personal credit market structure and industrial distribution has not formed,credit product development and application is not yet mature,the legal supervision of credit is not perfect,etc.How to improve these areas to speed up the development of China's personal credit market is an important task in front of us.The research objective of the paper is dissecting the status quo of domestic and foreign credit market,analyzing the essence of personal credit market development,and promoting the healthy and sustainable development of China's personal credit market.According to the research framework of "theoretical basis,mechanism analysis,reality investigation,empirical analysis and policy recommendations",definite the working point of the development of personal credit market at the basis of theoretical mechanism;through the analysis of typical foreign countries which have mature credit system,judging the development trend of China's personal credit market;from the three dimensions including personal credit market structure,product pricing and credit market regulation,with the integrated use of panel series,simulation and empirical analysis,combined with the mathematical derivation,to demonstrate the development trend of China's personal credit market;based on the actual situation of our country,put forward some policy suggestions to promote the development of our personal credit market.The connotation and extension of personal credit market is the starting point and foundation of this paper.By combing the relevant literature,the paper argues that the personal credit market contains all aspects of personal credit.However,the core of the paper including three aspects,the construction of the credit market model,the credit product pricing and the market regulation which can protect the healthy operation of the credit market.In the aspect of personal credit market structure,this paper firstly analyzes the influence of national economic development,legal system,financial development and financial structure on the market structure of personal credit information.Secondly,this paper analyzes the personal credit market from the perspective of function,and thinks that the main function of the credit market is to act on the credit market,which is embodied in two aspects:credit scale and credit risk.In this paper,we use the GMM method to do empirical research on panel data of 102 countries,the result shows:First,as a whole,the credit system and the protection of legal rights have a significant role in promoting the credit scale,and have a significant inhibitory effect on the credit risk;Compared with the breadth of credit,the depth of credit has better performance in the impact of credit scale and credit risk.Second,from a general point of view,the mixed credit model is still a more realistic choice,our country should build a mixed personal credit market model which combined public credit and private credit with clear functional orientation,clear business boundaries,rich product system and reasonable legal supervision.From the credit market and credit products' characteristics,personal credit products pricing can be carried out from three aspects.First,at the macro level,consider the market structure of personal credit market oligopoly or monopolistic competition and credit products have network externalities and other market environment characteristics,from the point of view of the whole market,studying the market equilibrium among the credit companies,seeking the best pricing strategy and using mathematical derivation and simulation to verify.Second,in the micro level,considering the different needs of consumers and credit products version,based on the theory of revenue management to explore the equilibrium between the maximization of profit and the maximization of consumer utility,to draft the most favorable sales price.Third,combine macro and micro,drafting the sales price from the micro level of different types of consumer led to the nonlinear pricing to the macro level of the balance pricing of credit makers.In the aspect of personal credit market supervision,this paper firstly demonstrates the inherent conflict in the supervision of personal credit market through empirical test,points out that the development of personal credit market should seek the balance among social public interest,individual freedom,information integrity and moral ethics.At the same time,based on the theory of law and economics,this paper puts forward the multi-level supervision system of personal credit information market,which is composed of the supervision of legal principles,the regulation of administrative rules and the self-regulation of industry,make up for the previous regulatory focus on privacy protection while ignoring the lack of innovation and development of credit,it's more in line with the inherent characteristics of personal credit and economic value,it should be the future direction of the development of personal credit market regulation.Finally,this paper puts forward policy proposals from four aspects:the operating framework of personal credit market,innovation and application of credit products,credit market supervision system and the construction of social credit environment.In the aspect of market structure,we should construct the mixed credit market which public credit and private credit coexist,and promote credit data sharing in the credit market.In the aspect of product innovation and application,we should improve the level of personal credit information technology,provide diverse,differentiated credit products and services to meet the needs of different markets,while expanding the scope of application of products.In the aspect of market supervision,we should improve the legal framework,enhance the level of administrative supervision,establish the industry self-regulation mechanisms,while promoting the implementation of the mechanism of dishonesty punishment.In the aspect of the soft environment of credit collection,it is necessary to cultivate the concept of credit of the whole society,to promote the publicity and education of credit information,to strengthen the construction of credit culture,and to provide a good external environment for the development of our personal credit market.