Credit Reference Institution-building And Its Impact On The Finance

As an important financial infrastructure, our government to give credit information sharing to more and more attention, and rapidly advancing in practice. Credit information sharing played an important role in the economic and social development, particularly in the financial sector. However, like many developing countries, after catch-up construction model of credit information sharing is a historical necessity. Compared to spontaneous type of credit information sharing development model in Europe and America, we need credit information sharing theories as a guide. But the construction of China's credit information sharing is only 20 years time, there are many urgent need to further explore the issue in a series of theoretical and technical construction of credit information sharing, which, such as the basis for the development of credit information sharing, sharing of credit information business mode, the impact of the credit information sharing are the core issues affecting the global. There is a summary of the history of 180 years the world's credit information sharing andrefined, is to provide information and reference for the current credit information sharing construction such as depth analysis of the world's credit information sharing practices, to explore the construction of the basic law of credit information sharing, to answer a series of core issues facing the construction of credit information sharing has very much to the theoretical and practical significance.Using econometric analysis of Panel Data, building mathematical models, supply and demand analysis, history and logic analysis, case studies and other research methods, this paper studies the development of credit information sharing based on three core issues of the business model, the impact of different economic entities in two levels of theoretical and empirical, from supply and demand, public and private, personal and corporate three dimensions. Finally, the analysis of China's credit practice is give.In accordance with the ideas of the logic of supply and demand analysis, following the history and logic of the unity of analysis methods, this study showed that the credit supply factors:information processing technology continues to leap forward to improve the efficiency of information processing, reduce the cost of information processing economic information to provide a wealth of standardized credit information, and the institutionalization of the trust's desire for enhanced sharing of information between the main driving force. From the demand side, the opportunistic behavior of economic agents tend to objective requirements to establish an information sharing mechanism, deepening the social division of labor in the modern context is exacerbated by information asymmetry, expanding credit transactions gave birth to the breach of contract and the risk of the bubble economy in urgent need to regulate the credit transaction.Fully visible, the credit bureau is an inevitable requirement of modern economic development. But to take public or private investment due to national circumstances do not. Still following the previous analysis of ideas and methods, combined with important economic phenomena since the 19th century, and a number of economic theory study found that:public credit institutions in the two mechanisms, primary and secondary mechanisms. Establishing a mechanism for native, government intervention in the post-industrial context is the supply factors of a country to establish public credit institutions; financial system of the bank-oriented characteristics of the demand factors; the outbreak of major economic or financial problems is the establishment of public levy the trigger point of the letter agencies. Private credit bureaus to establish the demand and supply factors are diversified, multi-level sources of information outside of the financial system, the continuous development of economic globalization, and diversification, personalized credit product demand and so on. As for the public credit institutions and private credit bureaus co-exist, or what kind of dominant, mainly depends on the credit bureau first established in the market, the width of the positioning of the functional aspects.The impact of the macro-level credit is the weak link in credit research. This is the first econometric model the introduction of credit information sharing on cross-country studies of the impact of banks' bad loans (Cross-section Weights) cross-section weighted generalized least squares (GLS) 2004-2008 92-country panel data regression analysis. The measurement results show:in the full sample, the public credit information sharing, private sector credit information sharing are significant inhibitory effect on banks' bad loans, while in the developed countries sample, the greater role. However, in the role of developing countries, private credit information sharing also does not play, the inhibition of the public credit information sharing was not significant.The integrity of public credit information sharing and the full sample countries, developed countries, private sector credit information sharing has a significant substitution effect of private credit information sharing and Internet penetration in developing countries there is significant complementarity.This article studies have shown that:public credit is the central and local two systems in parallel, local public credit regionalization segmentation and monopoly issues exist. There is small scale and not specialization in private credit. The current core issue is the segmentation and monopoly of the executive of the credit information, the priority is legislation to speed up information sharing, the future direction of the timely reunification of the local public credit information system to guide credit specialization.These studies not only opened up credit information sharing research perspective, but also to some extent, compensate for the lack of asymmetric information theory on the study of this issue:the existing information asymmetry, why not credit information sharing institutions, in what the way to solve the asymmetric information, public credit institutions and private credit bureaus choice based on what and so on. Results of these studies are important reference significance to answer the controversy of credit information sharing construction, such as whether public credit information sharing dominant for the scientific development of the construction planning of credit information sharing, such as these key issues to determine a reasonable credit information sharing and development goal.Of course, this study has some shortcomings, such as confined to the limitations of the data revealed by the credit basis for the development conditions are not detailed enough, credit demonstrated the lack of more detailed data on individuals, businesses support and measurement methods, credit the impact of financial regulation are not covered. China's credit research is difficult to obtain adequate and complete data on its operating results to be tested.