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本文研究了在银行、企业二元市场中企业信用评级体系(ECRS)对企业融资成本的影响。通过研究银行——企业贷借博弈模型得出如下两个结论:(1)当银行处于垄断的状态下时,建立ECRS会增加经营绩效良好的企业的融资成本而降低经营绩效不好的企业的融资成本;(2)当银行处于自由竞争的状态下时,建立ECRS会降低经营绩效良好的企业的融资成本而增加经营绩效不好的企业的融资成本。为了发挥市场的最大效用,应尽力保持市场上的银行处于自由竞争状态,从而实现优化配置金融资源的目的。
This article studies the impact of the corporate credit rating system (ECRS) on corporate finance costs in the dual market of banks and corporations. Through the study of the bank-enterprise loan game model, we can draw the following two conclusions: (1) When the bank is monopolized, the establishment of ECRS will increase the financing cost of enterprises with good performance and reduce the enterprises with poor performance Financing costs; (2) Establishing ECRS will reduce the financing cost of enterprises with good performance and increase the financing cost of enterprises with poor performance due to the bank when they are in free competition. In order to give full play to the market’s maximum utility, every effort should be made to keep the banks in the market free to compete so as to achieve the objective of optimizing the allocation of financial resources.