信用評等機構利益之探討

Discussion on the Interests of Credit Rating Institutions

劉宇恩(Yu-En Liu)

指導教授 ： 李命志

共同指導教授 ： 謝明瑞

淡江大學/商管學院/財務金融學系碩士班/碩士(2017年)

https://doi.org/10.6846/TKU.2017.00491

摘要

1997年，亞洲金融風暴使得台灣風險意識整體被注重，同年台灣地區第一家信用評等機構成立，開啟了台灣地區的專業信評的市場；另外，在2008年由美國次貸危機為首的金融風暴洗捲全球，令整體銀行業的風控部門再次被重視，然而專業信評機構其實已有著百年的歷史，為何這類非政府機構的組織，可以使得投資大眾信服？而企業也願意支付信用評等費用，只為得到專業信評機構的核可；專業機構使用數理模型來推得違約機率後，發出簡短文字的報告即會使得金融市場掀起巨大波瀾。本論文藉由著世界三大專業信評機構：標準普爾（Standard and Poor’s S&P）、穆迪（Moody’s Investors Service）、惠譽（Fitch Ratings）此三家最具市場佔有率的信評機構來探討，研究崛起原因、各家機構評等方式，以及評等是否會有著利害關係，而研究結果則得出，在金融商品的評等中除了計量風險模型評估之外，更需要人們對於金融商品的了解，而不是單純的只衡量違約率，而去放棄思考所謂的肥尾現象。

關鍵字

信用評等 ； 信用評等機構

並列摘要

In 1997, the Asian financial turmoil made Taiwan's risk awareness overall attention, the same year Taiwan's first credit rating agencies set up to open the Taiwan professional credit rating market; In addition, in 2008 by the US subprime mortgage crisis led by the financial Storm scrolling the world, so that the overall banking sector has once again been attention to the wind control departments, but professional credit rating agencies in fact have a hundred years of history, why such non-governmental organizations, organizations can make the investment convincing? And enterprises are willing to pay the cost of credit rating, only to get professional credit rating agencies approved; professional institutions to use mathematical model to push the probability of default, issued a short text report will make the financial market set off a huge wave. In this paper, the three most professional credit rating agencies: Standard and Poor's (S & P), Moody's (Moody's Investors Service), Fitch (Fitch Ratings) the three most market share of the credit rating agencies to explore, The reasons for the rise of the study, the evaluation of each institution, and whether the evaluation will have an interest, and the results of the study, in the financial commodity rating in addition to measurement risk model assessment, the need for people to understand the financial products , Rather than simply measuring the default rate, and to give up thinking about the so-called fat tail phenomenon.

並列關鍵字

Credit rating ； Credit rating agencies

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