Credit Information Sharing And The Choice Of Credit Reporting System Mode In China

Market economy is credit economy.Strengthening the construction of social credit system is an important basis for improving the socialist market economy system and social governance system,as well as the internal requirements for the development of socialist market economy and the inevitable move to improve the efficiency of economic and social operation.As a part of social credit system,credit system plays a key role in the construction of social credit system.There is a full consensus on the necessity of establishing and improving the social credit system,especially the credit reporting system.In recent years,China has paid more and more attention to the construction of social credit system.In 2014,the State Council issued the outline of social credit system construction planning（2014-2020）,and took the construction of credit system as an important content.China’s credit system has gone through more than 20 years of development and made remarkable achievements.However,China’s credit system started late.Compared with the western developed countries with more than 100 years of credit development,China’s credit development model is still not finalized,and the credit system does not adapt to the level of economic and social development.At present,the construction of social credit system in China,especially the construction of personal credit system,is in a critical period of development,facing major issues such as the choice of credit model.The market-oriented personal credit agency,BAIHANG credit agency,has just started,and the "government + market" twowheel drive credit development model has also been proposed recently.What are the main credit development models in the world? What are the characteristics of different credit information sharing models? What are the factors that influence different economies to choose different credit development models? What is the willingness of credit institutions to participate in information sharing under the market-oriented credit development mode? Where to go in the construction of credit system in China? The discussion of the above problems has great theoretical significance and practical value,which is the basic starting point of this study.This paper studies credit information sharing from two perspectives: the development mode of national credit system at macro level and the willingness of credit institutions to participate in information sharing at micro level.At the macro level,this paper first combs the characteristics of different credit information sharing models and the global distribution of the economies adopting different credit information sharing models.Then,with the help of the world bank WDI world development index database data,this paper empirically studies the main influencing factors of different economies choosing different credit information sharing models.The results show that: first,the growth rate of GDP per capita has a significant impact on the credit information sharing mode which is completely dominated by the market and jointly promoted by the government and the market.With the increase of per capita GDP growth rate,the probability of adopting the credit information sharing mode which is completely dominated by the market or jointly promoted by the government and the market increases;secondly,per capita consumption expenditure has a significant impact on the credit information sharing mode which is completely dominated by the market and jointly promoted by the government and the market.With the increase of per capita consumption expenditure,the probability of using the credit information sharing mode which is completely dominated by the market or jointly promoted by the government and the market increases.Third,the proportion of private sector credit to GDP has a significant impact on the completely market-oriented credit information sharing model.With the increase of the proportion of private sector credit in GDP,the probability of adopting the credit information sharing mode dominated by the market increases.Fourth,the number of branches of commercial banks has a significant impact on the market-oriented credit information sharing model,and with the increase of the number of branches of commercial banks,the probability of using the market-oriented credit information sharing model will decline.Fifth,the legal power index has a significant impact on the market-oriented credit information sharing model,and with the improvement of the legal power index,the probability of using the market-oriented credit information sharing model will also increase.At the micro level,this paper focuses on analyzing the willingness and influencing factors of credit institutions to participate in information sharing spontaneously under the market-oriented credit information sharing mode.By establishing a dynamic evolutionary game model of heterogeneous credit institutions,this paper studies the influence of information potential difference,information utilization ability,information processing cost,information rent and credit product price among credit institutions on their voluntary participation in information sharing.In order to verify the robustness of the theoretical analysis conclusion,numerical simulation method and MATLAB software are used to simulate the model results.The results show that: first,when the information potential difference between credit institutions is large,no matter how strong the willingness of both parties to participate in credit information sharing is,with the passage of time and the progress of the game,credit institutions will eventually adopt the strategy of not participating in information sharing.Only when the information potential difference of credit institutions is within a certain range,credit institutions can participate in credit information at the same time share.Second,to improve the information utilization ability of credit institutions,reduce the information rent,information processing cost and credit product price of unit information loss,can improve the willingness of credit institutions to participate in information sharing,and enable more credit institutions with large information ownership gap to participate in information sharing.Third,if the initial willingness of credit institutions to participate in information sharing is weak,the coordination between credit institutions may still fail to achieve the Pareto equilibrium of participating in credit information sharing.Finally,based on the conclusion of theoretical and empirical research,this paper proposes that China can try to establish a credit development mode jointly promoted by "government + market" of "separation of network operation",realize information sharing between public credit system and market-oriented credit agencies,and give full play to the advantages of the government and market.