Research On The Impact Of Credit Regulation On Rating Quality

After several years of vigorous development,China's bond market has ranked third in the world,but China's relevant system construction has not kept pace,and bond defaults have also occurred frequently,showing the rating trust in China's bond market Need to improve.Under normal circumstances,the credit rating given by the rating agency on the bond market will convey good or bad credit information.The bond market,investors and regulators can perform corresponding operations based on this information,so that this market has certain risks.As a buffer,it maintains the relative stability of the entire financial market,so credit rating plays a decisive role.According to the current research,it is not difficult to find that in recent years,the level of credit rating agencies' operations,management,employees,and rating technology has improved to a certain extent,but the quality of China's credit rating is still more questionable,which can be inferred At present,China's current low credit rating quality should be due to the fact that China's supervision has not kept pace with the development of the bond market.Chinese financial research scholars have been paying close attention to bond quality and corresponding supervision,especially the bond default tide in 2018,which has led many scholars to discuss it,and in January 2019,Standard & Poor's Rating Company has entered the Chinese market.With the continuous enhancement of rating agencies,the rating agencies will move towards international competition,which will increase the degree of competition in our rating industry.In order to better cope with this situation in the future,our country should further improve the corresponding credit supervision policies and improve the quality of bond ratings.First,this article describes the current state of our country's bond market and rating industry regulation,and finds that China continues to strengthen credit regulation.Through regulatory game analysis of the participants in the bond rating process and analysis of rating agency behavior selection,it is concluded that regulation is conducive to promoting credit The conclusion of the rating agency's true disclosure of information.Then,according to some representative regulatory policies released in recent years,the time period for issuing regulatory policies is divided into various time periods,and the bond ratings and other data between 2013 and 2020 are selected,and the macro and micro types of bonds are analyzed using multiple regression models.Empirical analysis of the situation of the influencing factors to obtain the degree of impact of the rating on the spread in each time period,and further comparison and analysis of the coefficients of each time period using the seemingly no correlation model test method.The empirical results indicate that the default tide occurred in 2018 At that time,the credit supervision policy did not produce corresponding effects.We analyzed the policy failures in this period to find out the existing problems.Finally,according to the analysis of the problems existing in supervision in the empirical summary,it is suggested that my country should strengthen the construction of laws,improve the independence between institutions,and build a diversified supervision system.