發(fā)布時間：2018-03-20 00:39

  本文選題：債務(wù)擔(dān)保證券　切入點(diǎn)：信用評級　出處：《華東師范大學(xué)》2015年碩士論文　論文類型：學(xué)位論文

【摘要】：美國投資者和監(jiān)管機(jī)構(gòu)對結(jié)構(gòu)化金融產(chǎn)品的評級依賴很大程度上引發(fā)了次貸危機(jī)并加劇了金融動蕩。當(dāng)時我國終止了資產(chǎn)證券化的試點(diǎn)工作,重新審視其風(fēng)險。然而今朝與往昔不同,大力發(fā)展資產(chǎn)證券化是金融市場發(fā)展的必然趨勢。近期隨著資產(chǎn)證券化備案制的落地和質(zhì)押式協(xié)議回購的放開,其發(fā)行量和交易量必將快速大幅增長。在我國資產(chǎn)證券化市場快速擴(kuò)容的背景下,其評級依賴將變得越來越廣泛,風(fēng)險隱患將逐漸集聚。因此,我國非常有必要對其加以重視,并根據(jù)我國的國情采取合適的節(jié)奏和恰當(dāng)?shù)拇胧┲鸩綔p少評級依賴。由于債務(wù)擔(dān)保證券在我國資產(chǎn)證券化中占比最高且較為復(fù)雜,本文將重點(diǎn)研究債務(wù)擔(dān)保證券的評級依賴問題。本文的研究內(nèi)容遵循先介紹基本原理,再研究普遍理論,最后將普遍理論具體化的研究思路,將全文主要內(nèi)容分為四個部分：第一部分概述了債務(wù)擔(dān)保證券及其信用評級問題,說明了債務(wù)擔(dān)保證券的復(fù)雜性、信用評級機(jī)構(gòu)在其結(jié)構(gòu)設(shè)計(jì)中所扮演的重要角色以及其信用評級的可靠性較低；第二部分研究了普遍意義上的信用評級依賴及減少依賴的國際經(jīng)驗(yàn)和啟示,認(rèn)為我國應(yīng)當(dāng)根據(jù)國情選擇合適的節(jié)奏和恰當(dāng)?shù)拇胧┲鸩綔p少評級依賴,力求減輕評級依賴的同時避免妨礙本土評級機(jī)構(gòu)的發(fā)展；第三部分分析了我國債務(wù)擔(dān)保證券及評級的特殊背景、債務(wù)擔(dān)保證券信用評級及其依賴風(fēng)險的特殊性,為最后針對我國具體情況提出對策建議作了鋪墊；第四部分對我國債務(wù)擔(dān)保證券信用評級依賴進(jìn)行了實(shí)證研究,證實(shí)了評級依賴的存在,并在此前的研究基礎(chǔ)上有針對性地提出了減少我國債務(wù)擔(dān)保證券信用評級依賴的對策。本文的結(jié)論指出,長期來說,監(jiān)管者應(yīng)當(dāng)逐步弱化監(jiān)管規(guī)則對評級結(jié)果的引用并試點(diǎn)債務(wù)擔(dān)保證券的雙評級制度,投資者應(yīng)針對債務(wù)擔(dān)保證券這個類別單獨(dú)建立和完善內(nèi)部信用風(fēng)險評估程序,發(fā)行人及評級機(jī)構(gòu)應(yīng)及時、準(zhǔn)確、完整地披露債務(wù)擔(dān)保證券產(chǎn)品的相關(guān)信息。同時,監(jiān)管者和投資者都應(yīng)積極開發(fā)和使用計(jì)量債務(wù)擔(dān)保證券信用風(fēng)險的其他標(biāo)準(zhǔn),以市場化的方式選擇和認(rèn)可有效的評級結(jié)果,從而在減少評級依賴風(fēng)險的同時促進(jìn)評級行業(yè)的良性發(fā)展。
[Abstract]:The reliance of U.S. investors and regulators on structured financial products has largely triggered the subprime crisis and exacerbated financial turmoil. At the time, China ended the pilot work on asset securitization. However, unlike in the past, asset securitization is an inevitable trend in the development of the financial market. Recently, with the landing of the asset securitization record system and the release of the pledge agreement repurchase, Under the background of the rapid expansion of asset securitization market in China, its rating dependence will become more and more extensive, and the hidden risks will gradually gather. Therefore, it is very necessary to pay attention to it in our country. According to the situation of our country, we should take appropriate rhythm and appropriate measures to gradually reduce the reliance on rating. Because debt backed securities account for the highest proportion and more complex in China's asset securitization, This paper will focus on the issue of rating dependence of debt-backed securities. The research contents of this paper follow the idea of introducing the basic principles, then studying the general theory, and finally concretizing the general theory. This paper is divided into four parts: the first part gives an overview of the debt-backed securities and their credit rating issues, illustrates the complexity of the debt-backed securities, The important role played by credit rating agencies in their structural design and the low reliability of their credit rating. The author thinks that China should choose the appropriate rhythm and appropriate measures according to the national conditions to gradually reduce the rating dependence and try to reduce the rating dependence and avoid hindering the development of the local rating agencies. The third part analyzes the special background of China's debt guaranteed securities and its rating, the particularity of debt guaranteed securities credit rating and its dependence risk, and provides some countermeasures and suggestions for the specific situation of our country. In the 4th part, an empirical study on the credit rating dependence of China's debt-guaranteed securities is carried out, which confirms the existence of the credit rating dependency. On the basis of previous research, this paper puts forward some countermeasures to reduce the reliance on credit rating of debt-guaranteed securities in China. The conclusion of this paper is that, in the long run, Regulators should gradually weaken the application of regulatory rules to ratings results and pilot a dual rating system for debt-backed securities, and investors should establish and improve internal credit risk assessment procedures separately for this category of debt-backed securities. Issuers and rating agencies should provide timely, accurate and complete disclosure of relevant information on the products of debt-backed securities. At the same time, regulators and investors should actively develop and use other criteria for measuring the credit risk of debt-backed securities, In order to reduce the risk of rating dependence and promote the benign development of the rating industry, we can select and recognize the effective rating results in a market-oriented way.
【學(xué)位授予單位】：華東師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F832.51

【相似文獻(xiàn)】

相關(guān)期刊論文 前10條

1 陳怡西;;證券信用評級的概念分析和理論支撐[J];中國商界(下半月);2010年05期

2 莊偉;;樹證券信用 創(chuàng)誠信青島[J];招商周刊;2004年23期

3 鐘曉鷹;美國的證券信用等級系統(tǒng)[J];外國經(jīng)濟(jì)與管理;1989年01期

4 鐘曉鷹;;美國的證券信用等級系統(tǒng)[J];金融與經(jīng)濟(jì);1989年03期

5 蘇錫坤,劉永清;證券信用等級評估[J];技術(shù)經(jīng)濟(jì)與管理研究;1997年05期

6 盧山冰;評我國證券信用評級業(yè)的工作現(xiàn)狀[J];當(dāng)代經(jīng)濟(jì)科學(xué);1998年04期

7 楊宇立,張希安;關(guān)于發(fā)展和規(guī)范我國證券信用評級業(yè)的思考[J];晉陽學(xué)刊;1998年06期

8 施明義;;開拓直接融資渠道 發(fā)展證券信用事業(yè)[J];金融研究;1991年12期

9 楊潔;;證券信用評級行業(yè)的發(fā)展及監(jiān)管研究[J];華北金融;2011年06期

10 胡達(dá)沙;王秀繪;;上市公司自愿性披露與證券信用關(guān)系的實(shí)證研究[J];運(yùn)籌與管理;2006年06期

相關(guān)重要報紙文章 前6條

1 記者 王炯業(yè);神秘資金先知先覺潛入廣匯能源 宏源證券信用賬戶成了“隱身衣”[N];上海證券報;2012年

2 孫金龍;為證券信用市場鼓與呼[N];中國信息報;2004年

3 本報記者 孫金龍;證券信用市場拓荒者[N];中國貿(mào)易報;2004年

4 記者 浦泓毅;兩融余額破4000億元大關(guān)[N];上海證券報;2014年

5 本報見習(xí)記者 彭妍;1.27萬億元信托規(guī)模集中兌付 信托公司今年迎“大考”[N];證券日報;2014年

6 記者 施浩;“馬甲”曝光 硅谷天堂運(yùn)作軌跡顯形[N];上海證券報;2014年

相關(guān)碩士學(xué)位論文 前3條

1 陳怡西;證券信用評級法律制度研究[D];西南政法大學(xué);2008年

2 陳陽;我國債務(wù)擔(dān)保證券信用評級依賴研究[D];華東師范大學(xué);2015年

3 盧穎;證券信用評級法律制度研究[D];華東政法大學(xué);2010年

，

本文編號：1636774