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

摘要： 近年来,中国信用评级行业逐步对外开放。我国监管部门相继批准标普、惠誉等具有国际影响力的外资评级机构进入我国市场。在此背景下,本文采用博弈模型分析了外资评级机构进入中国市场对本土评级机构评级质量的影响。研究发现,高声誉外资评级机构进入中国市场能够起到激励本土评级机构公正评级并促进评级行业形成良性循环的作用。本文研究结论为我国信用评级行业对外开放以及引入更多具有国际影响力的外资评级机构提供了理论支撑。

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