銀行放款放寬管制與信用評等品質

Banking Deregulation and Credit Rating Quality

戴曼倪(Dai Man-Ni)

指導教授 ： 詹凌菁

國立政治大學/商學院/會計學系/碩士(2019年)

https://doi.org/10.6814/NCCU201900180

摘要

在 2007 到 2009 年金融危機中，信用評級機構(信評機構)受到各界廣泛 的重視，正因其在金融體系中扮演著舉足輕重的角色，因此我們試圖探討銀行 業放寬管制對信評機構提供的信用評級帶來的影響程度。於本研究中，我們討論了美國公司的信用評級品質是否與美國跨州的銀行放寬管制有關。銀行放寬管制將衝擊銀行借貸與公債市場，因開放銀行與公債市場的競爭，可能降低信評機構的利潤，而競爭力的提升則可讓信評機構選擇虛增信用評等或維持資訊品質。研究結果顯示，在美國跨州銀行放寬管制後，信用評等虛增的情形不太可能發生，特別是對大公司而言其可能性更低，但信用評等虛增較可能出現在小公司。綜上，對於探討銀行業放鬆管制與虛增信用評級之間的關聯性，本研究提供給監管機構以及債券投資人關於信用評等品質的正面訊息。

關鍵字

信用評級機構 ； 銀行放寬管制 ； 虛增信用評等

並列摘要

Rating agencies have attracted worldwide attention due to the debate on the 2007– 2009 financial crisis. As credit ratings play an important role in the financial system, we attempt to examine that the extent to which interstate banking deregulation affects the quality of credit ratings offered by bond rating agencies. Interstate banking deregulation is considered as an exogenous shock to private (bank) relative to public lending supply. The reason is that it allows banks to compete with public lenders that might weaken rating agencies’ profits. The increased competition might induce the credit rating agencies either to inflate the ratings or release unbiased information continuously. We find that rating inflation is unlikely to happen after the interstate banking deregulation. Moreover, the result shows that rating inflation is less likely to happen among large firms, while more likely to be associated with small firms. To conclude, this study may be of importance to regulators in understanding how credit ratings respond to banking deregulation.

並列關鍵字

Credit rating agencies ； Banking deregulation ； Rating inflation

參考文獻

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