The Selection Of Credit Rating’s Charging Methods In Credit Markets

Since the global financial crisis, people of credit ratings especially for s&p, the three big rating company’s rating behavior and conclusions given highly attention. From the subprime crisis to the global financial crisis, and then to the European sovereign debt crisis, ratings caused financial markets general dissatisfaction with the way its rating level, the methods and mechanism were widely questioned. Among them, the publisher pay rating charge mode facing the conflicts of interest problem is considered to be one of the important reasons, conflict of interest may directly affect the independence.Our country is indirect financing is given priority to developing country, credit market should be the development of a credit rating of the main market. Because our country credit market credit rating has a late start and its development not mature, has not been set up effective reputation mechanism, the rating agencies of small, scattered, weak status prominent, market effective demand shortage and application, the rating charging system research is lack. Due to the rating charging system can directly influence the rating result fairness, independence, and rating agencies of social credibility, so the credit market credit rating charge mode, to our country the credit market credit rating the healthy development of the market, constructing a good credit environment and financial order has important significance.In this paper, after elaborating related rating charge on the basis of basic theory, this paper introduces domestic and international credit rating in credit markets, in combination with the characteristics of the credit market credit rating, the bond market and the credit market credit rating differences carries on the comparison, analysis of China’s current credit market main rating charging modes, and credit rating "lai business mode","its mode" for the typical cases, study suitable for the situation of our country credit market credit rating charge model development path. In this paper, the main research results and the innovation place can be summarized as follows:1. From "the reputation mechanism","who benefit who pay","execution cost","practical client","to avoid conflict of interest" five perspective, the current credit market are " Be rating enterprise pay "," Use party paying "," Collection charges " three rating charge mode to conduct a comprehensive analysis and comparison, analyzing the existing environment basis and advantage.2. Credit market credit rating of effective demand in the local medium and small financial institutions. Due to the small and medium-sized enterprise of households, usually by local medium and small financial institutions get credit funds, the local medium and small financial organizational external credit rating product exists realistic demand.3."Be rating enterprise pay " model will be in a period to exist for a long time. Due to the small and medium-sized enterprise in the credit markets tend to be the passive and the weak position, the borrowing enterprise pay rating cost, more likely to be the market to accept.4."Use party paying" is part of the small and medium-sized financial institutions periodic demand. To ensure that the external rating objective, fair, some have financial strength small and medium-sized financial institutions chose to buy out the credit rating report model, learning rating technology.5."collection charges model" should be the future rating charge development direction. It blocks the rating agencies and the evaluation of enterprise the interests of disputes, not only solved the borrowing enterprise pay brings "rating to buy" problem, and solves the commercial Banks should take all rating cost bring financial burden problem.