以功能为主线的征信体系模式及其制度配置——理论与实证

文章基于Merton等提出的金融体系的"功能—结构"思想,提出了以功能为主线的征信体系模式分类的理论,并以世界银行全球征信体系调研数据及其TT指数值为基础展开实证研究,基本印证了该理论,得到了四种主流功能模式,即惩戒型、惩戒监管型、促进型、监管促进型。文章采用验证性因子分析的方法,确定了制度主轴中关联性最大的8个指标,结合典型国家对不同征信模式在结构、内容和规则三个维度上的配置进行了实证性和描述性分析,总结出不同模式的典型制度配置。最后,文章给出了三点启示。

Patterns of Credit Reporting Systems and Configurations: A Functional Perspective

After a detailed and systematic stratification of the theories on roles of credit reporting systems(CRS),we proposed a new classification of CRS patterns in functional perspective.Mainly based on the World Bank's survey of global CRS and their TT indices data obtained in another study by the author,we for the first time accomplished a quantitative investigation into the patterns classification of CRS,in which our proposed classifications are partially confirmed and four mainstreaming patterns are recognized as punishing,punishing plus regulation,promoting,and promoting plus regulation.Using confirmatory factor analysis method,we singled out eight variables with biggest loadings as critical aspects describing structure,contents and rules dimensions of CRS.With detailed investigation into the representative countries of each pattern,the typical institutional configurations concerning structure,content and rules for particular pattern together with some insights are generalized and presented in the final part.The most outstanding feature of this paper lies in its application of quantitative analytical techniques in CRS comparison and classification which is for the first time realized in a cohesive way after the release of WB's survey and directly lead to somewhat deepening understanding of global CRS.