摘要
首先针对信用评级机构在资产证券化中的重要作用,分析了信用评级机构道德风险对资产证券化产生的不良影响,并由此论述了信用评级机构的道德风险产生原因;其次通过构建信用评级机构博弈支付矩阵,运用演化博弈论对评级机构的演化趋势做出分析,得到其演化的三种不同的稳定策略;最后从建立声誉机制、保证评级机构独立性、加强监管力度三个方面给出政策建议。
First on credit rating agencies＇ important role in the asset securitization, the article analyzed the negative effects of credit rating agency moral hazard for asset securitization, and discusses the cause of the moral hazard of the credit rating agencies; Secondly by constructing a dynamic game payoff matrix of credit rating agencies, using evolutionary game theory the article analyzed three different kinds of evolutionary stable strate- gy of the rating agencies; At last the article suggested to build a reputation mechanism, ensure the independence of rating agencies, and strengthen the supervision.
出处
《科技和产业》
2014年第3期83-86,100,共5页
Science Technology and Industry
基金
高等学校博士学科点专项科研基金(20111101110033)
关键词
资产证券化
信用评级机构
道德风险
演化博弈
asset securitization
credit rating agency
moral risk prevention
evolutionary game theory
