关键词: 外资评级机构, 中国信用评级行业, 对外开放, 评级质量

Abstract: In recent years, China’s credit rating industry has gradually opened to the outside world. China’s regulatory authorities have successively approved foreign rating agencies with international influence such as S&P and Fitch to enter China’s rating market. In this context, this paper uses the game model to analyze the impact of foreign rating agencies entering the Chinese market on the rating quality of local rating agencies. The study finds that the entry of foreign rating agencies with high reputation into the Chinese market can stimulate the fair rating of local rating agencies and promote the formation of a virtuous circle in the rating industry. The conclusion of this paper provides theoretical support for the opening of China’s credit rating industry and the introduction of more foreign rating agencies with international influence.

Key words: foreign rating agencies, China&apos, s credit rating industry, opening to the outside world, rating quality