【摘要】：信用評(píng)級(jí)是對(duì)受評(píng)對(duì)象的信用風(fēng)險(xiǎn)進(jìn)行評(píng)價(jià)的制度,在世界資本市場(chǎng)中占據(jù)重要地位。2007年,世界性信用危機(jī)爆發(fā),信用評(píng)級(jí)機(jī)構(gòu)由于評(píng)級(jí)質(zhì)量低下、未能預(yù)測(cè)市場(chǎng)風(fēng)險(xiǎn)而遭受質(zhì)疑。信用評(píng)級(jí)制度是應(yīng)市場(chǎng)需求而產(chǎn)生,旨在對(duì)可能發(fā)生的信用風(fēng)險(xiǎn)進(jìn)行預(yù)測(cè)。盡管存在諸多問題,但是評(píng)級(jí)制度本身是有重要存在價(jià)值的。美國(guó)評(píng)級(jí)機(jī)構(gòu)改革成果證明：通過評(píng)級(jí)失靈治理措施的采用,評(píng)級(jí)制度可以發(fā)揮其應(yīng)有作用。美國(guó)治理信用評(píng)級(jí)措施值得我們借鑒。我國(guó)信用評(píng)級(jí)制度發(fā)展歷史較短,評(píng)級(jí)法律規(guī)范欠缺、監(jiān)管混亂,因此,應(yīng)當(dāng)制定評(píng)級(jí)機(jī)構(gòu)專項(xiàng)立法、明確評(píng)級(jí)機(jī)構(gòu)性質(zhì)、指定專門監(jiān)管機(jī)構(gòu)。文章由四部分組成。 第一部分美國(guó)信用評(píng)級(jí)制度法律地位。信用評(píng)級(jí)是為解決資本市場(chǎng)信息不對(duì)稱問題產(chǎn)生的。信用評(píng)級(jí)能夠?yàn)槭袌?chǎng)主體提供投資對(duì)象的有效信息,從而積累了聲譽(yù)資本。美國(guó)政府將信用評(píng)級(jí)結(jié)果作為監(jiān)管手段,通過立法形式確定了信用評(píng)級(jí)的重要地位。 第二部分信用評(píng)級(jí)防御風(fēng)險(xiǎn)作用。信用評(píng)級(jí)制度通過各項(xiàng)制度設(shè)計(jì)可以對(duì)交易風(fēng)險(xiǎn)進(jìn)行有效預(yù)測(cè)。資產(chǎn)證券化中,信用評(píng)級(jí)制度通過對(duì)證券化交易風(fēng)險(xiǎn)進(jìn)行審查,提供信用風(fēng)險(xiǎn)信息。信用評(píng)級(jí)制度的存在對(duì)資本市場(chǎng)穩(wěn)定具有重要意義。 第三部分信用評(píng)級(jí)制度、評(píng)級(jí)機(jī)構(gòu)檢討。信用危機(jī)證明市場(chǎng)存在評(píng)級(jí)失靈。信用評(píng)級(jí)失靈的出現(xiàn)是評(píng)級(jí)活動(dòng)的不規(guī)范的結(jié)果,因此,應(yīng)通過評(píng)級(jí)改革方式實(shí)現(xiàn)評(píng)級(jí)定位的回歸。評(píng)級(jí)制度旨在解決信息不對(duì)稱問題,其制度設(shè)計(jì)也能夠完成這一目標(biāo)。聲譽(yù)資本機(jī)制已經(jīng)無(wú)法實(shí)現(xiàn)對(duì)評(píng)級(jí)機(jī)構(gòu)的有效規(guī)制。采用監(jiān)管的方式對(duì)評(píng)級(jí)機(jī)構(gòu)進(jìn)行規(guī)范勢(shì)在必行。 第四部分我國(guó)現(xiàn)行信用評(píng)級(jí)制度。我國(guó)現(xiàn)有評(píng)級(jí)規(guī)范不統(tǒng)一,存在政出多門、監(jiān)管缺位等問題。上述問題嚴(yán)重影響評(píng)級(jí)行業(yè)的健康發(fā)展。因此,應(yīng)當(dāng)通過專項(xiàng)立法、明確監(jiān)管主體等措施加強(qiáng)對(duì)評(píng)級(jí)機(jī)構(gòu)的規(guī)范。
[Abstract]:Credit rating is a system to evaluate the credit risk of the subject, which occupies an important position in the world capital market. In 2007, the world credit crisis broke out, and the credit rating agencies were poor in rating quality. The failure to predict market risks has been questioned. The credit rating system is produced in response to the market demand, aiming at predicting the possible credit risk. Although there are many problems, the rating system itself has important value. The results of the reform of the American rating agencies prove that the rating system can play its due role through the adoption of the governance measures of rating failure. The United States governance credit rating measures are worthy of our reference. China's credit rating system has a short history of development, lacking of legal norms and chaotic supervision. Therefore, it is necessary to formulate special legislation for rating agencies, clarify the nature of rating agencies, and appoint special regulatory agencies. The article consists of four parts. The first part is the legal status of American credit rating system. Credit rating is to solve the problem of asymmetric information in the capital market. Credit rating can provide effective information for market participants and accumulate reputation capital. The American government regards the result of credit rating as a means of supervision and determines the important position of credit rating by way of legislation. The second part is the role of credit rating against risk. The credit rating system can effectively predict the transaction risk through the design of various systems. In asset securitization, credit rating system provides credit risk information by examining the transaction risk of securitization. The existence of credit rating system is of great significance to the stability of capital market. The third part of the credit rating system, rating agencies review. The credit crisis proved that the market had a rating failure. The appearance of credit rating failure is the result of non-standard rating activities. Therefore, the return of rating orientation should be realized through rating reform. The rating system is designed to solve the problem of information asymmetry. Reputation capital mechanism has been unable to achieve the effective regulation of rating agencies. It is imperative to regulate the rating agencies in the way of supervision. The fourth part of our country's current credit rating system. China's existing rating norms are not uniform, there are many political issues, regulatory absence and other issues. These problems seriously affect the healthy development of the rating industry. Therefore, special legislation should be adopted to strengthen the regulation of rating agencies.
【學(xué)位授予單位】：西南政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：D971.2;DD912.28

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