Research On The Developmental Evolution And Institutional Innovation Of Credit Information Market In China

A good credit environment is the lifeblood on which the market economy developing relies. The lack of credit information and the rising demand for social credit investigation need a perfect developed market related to credit in our country. There is controversy in relevant literature on credit investigation in recent years. Hence it is very significant for studying the development and institutional innovation of our credit information market, and then suggesting some feasible polices in this paper.Our credit industry has been developing slowly because of historical reason. To solve its problems in credit information market, the paper considers the experience in developed countries for reference. By studying the evolution of credit information market in developed countries, the paper finds that the institutional innovation is significant to the development of credit information market, and moreover there are different patterns of the market development in the world, such as public credit pattern in Europe and private credit pattern in USA, which inspires our thinking on institutional innovation of credit information market in our country.This paper applies positive and normative methods as well as qualitative and quantitative analyses. The quantitative analysis is related to game analysis, case analysis and comparative analysis. The paper also collects relevant data from abroad sources in its research.Based on the credit market practice in our country and the definition of related concepts, this paper explains the necessity to develop credit information market and the problem existed in our country. According to the economic theories, the paper carries out cost-benefit analysis to summarize the characteristics of credit information market in our country, such as natural monopoly, scale effect, information rigidity segmentation, and imperfect industrial administration. Comparing the experience in developed countries, the paper concludes the institutional innovation principles that the development of credit information market should give priority to public credit system supplemented by private ones. Public credit system mainly focuses on database infrastructure and private credit ones mainly provide added value services according to market demands. Finally, the paper gives suggestions that current credit information market should start from bank-oriented credit investigation, regulate the border between administration and market-oriented operation, complete the transition from trade credit service to union credit one gradually.