The Empirical Reaserch Of Credit Rating Quality Test

Recently, the scale of China’s bond market is growing rapidly, and the rating business has been greatly developed.The quality of the ratings has great significance.The quality of the rating is not only related to its own development, but also the important basis for the investors to make investment decisions. At the same time, the quality of the rating also plays a role in strengthening the supervision and prevention of financial risks.The paper will analyze the rating quality of the overall agencies and four rating agencies which are the top four in China.At first,First, the paper takes the short-term commercial paper as the sample, and use the issuing spreads and the trading spreads to test the consistency of rating.The results show that the overall agencies(the rating result of overall agencies) is accord with consistency. The consistency of Top four rating agencies is significantly improved compared with 2006 and DaGong Global Credit Rating Group has the highest Concordance rate.But But the consistency of four agencies is still not good.Then, paper use the issuing spreads to calculated Gini coefficient and test the accuracy of rating.Although the Gini coefficient is not comparable with international standards, but paper still can get the accuracy of the four rating agencies and CCXI has the best accuracy.Finally, the paper take the publishers which has been issue short-term commercial paper, medium-term notes and corporate bonds as sample and use transfer matrix to test Stability of rating.The results show that the stability of the rating decreases with the grade and The stability of the high level is maintained within a reasonable range.The rising of level is widespread, far more than the number of level descent.It means that rating industry is not mature enough.the 2014 rating quality inspection results have been significantly improved compared with 2006 ~ 2009.