本文關(guān)鍵詞：金融危機(jī)中美國信用評(píng)級(jí)機(jī)構(gòu)行為分析及監(jiān)管改革研究　出處：《吉林大學(xué)》2014年博士論文　論文類型：學(xué)位論文

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【摘要】：隨著全球資本市場(chǎng)的發(fā)展，金融衍生品及交易工具創(chuàng)新層出不窮，全球債券市場(chǎng)規(guī)模不斷擴(kuò)大，其復(fù)雜程度不斷加深，由此加劇了金融市場(chǎng)的風(fēng)險(xiǎn)程度。在此背景下，信用評(píng)級(jí)機(jī)構(gòu)憑借自身在信息收集及處理方面的專業(yè)優(yōu)勢(shì)，加之相對(duì)的獨(dú)立性，成為向資本市場(chǎng)參與者及金融監(jiān)管機(jī)構(gòu)提供信用信息及風(fēng)險(xiǎn)提示的專業(yè)化信息服務(wù)機(jī)構(gòu)，并被稱為資本市場(chǎng)的“看門人”。在信用評(píng)級(jí)機(jī)構(gòu)對(duì)金融市場(chǎng)的影響力不斷提升的同時(shí)，在近年來的幾次金融危機(jī)中，特別是2007年以來由美國次貸危機(jī)爆發(fā)所引發(fā)的全球性金融危機(jī)中，其不當(dāng)作為卻倍受質(zhì)疑。危機(jī)到來前，信用評(píng)級(jí)機(jī)構(gòu)未能預(yù)測(cè)到危機(jī)的發(fā)生，甚至以虛高評(píng)級(jí)助長(zhǎng)了風(fēng)險(xiǎn)的擴(kuò)展；而危機(jī)發(fā)生后，信用評(píng)級(jí)機(jī)構(gòu)又大規(guī)模下調(diào)評(píng)級(jí)，動(dòng)搖了市場(chǎng)信心，在事實(shí)上引發(fā)了恐慌，使市場(chǎng)走向惡性循環(huán)，加重了危機(jī)的程度。鑒于信用評(píng)級(jí)機(jī)構(gòu)對(duì)維護(hù)金融市場(chǎng)正常交易秩序的重要性，本文借助對(duì)此次金融危機(jī)[1]中美國信用評(píng)級(jí)機(jī)構(gòu)所表現(xiàn)的行為的分析，以及對(duì)此后美國展開的信用評(píng)級(jí)機(jī)構(gòu)監(jiān)管改革的研究，試圖明晰導(dǎo)致信用評(píng)級(jí)“失靈”的內(nèi)外根源，并據(jù)此提出對(duì)我國信用評(píng)級(jí)產(chǎn)業(yè)發(fā)展的相關(guān)政策建議。 本文共分為六章： 第一章為“導(dǎo)論”部分。本章從選題的研究背景入手，按照問題研究的邏輯主線梳理了有關(guān)信用評(píng)級(jí)機(jī)構(gòu)的國內(nèi)外研究文獻(xiàn)。在此基礎(chǔ)上，對(duì)本文研究所采用的研究方法、研究思路和可能的創(chuàng)新進(jìn)行了說明，并指出了本文研究的不足之處，從而為今后進(jìn)一步深入研究提供了方向和思路。 第二章為“國際信用評(píng)級(jí)業(yè)的歷史演進(jìn)與分析”。本章首先明晰了信用評(píng)級(jí)業(yè)的相關(guān)基本概念，在此基礎(chǔ)上，論證了信用評(píng)級(jí)在金融市場(chǎng)中的主要功能，即減少融資成本、降低投資風(fēng)險(xiǎn)、滿足監(jiān)管需求和標(biāo)準(zhǔn)化功能，進(jìn)而對(duì)當(dāng)前被廣泛使用的信用評(píng)級(jí)方法及信用評(píng)級(jí)程序進(jìn)行了介紹。隨后，本章進(jìn)一步展開對(duì)信用評(píng)級(jí)機(jī)構(gòu)的分析：首先簡(jiǎn)述了信用評(píng)級(jí)機(jī)構(gòu)的歷史演進(jìn)過程，而后對(duì)信用評(píng)級(jí)機(jī)構(gòu)的類型進(jìn)行介紹，并闡述了信用評(píng)級(jí)機(jī)構(gòu)的信用評(píng)級(jí)符號(hào)體系及其含義。最后，本章從評(píng)級(jí)定義、評(píng)級(jí)方法和評(píng)級(jí)檢驗(yàn)三個(gè)方面，對(duì)美國三大信用評(píng)級(jí)機(jī)構(gòu)的評(píng)級(jí)體系進(jìn)行了比較分析。 第三章為“美國信用評(píng)級(jí)機(jī)構(gòu)在全球金融危機(jī)過程中的行為分析”。本章在對(duì)美國信用評(píng)級(jí)產(chǎn)業(yè)、結(jié)構(gòu)性金融市場(chǎng)和相關(guān)結(jié)構(gòu)性金融衍生工具進(jìn)行簡(jiǎn)要評(píng)述的基礎(chǔ)上，進(jìn)一步分析了美國信用評(píng)級(jí)機(jī)構(gòu)在此次金融危機(jī)爆發(fā)前以及危機(jī)演化過程中的行為表現(xiàn)，進(jìn)而對(duì)信用評(píng)級(jí)機(jī)構(gòu)的預(yù)警失效、信用機(jī)制失效、信用評(píng)級(jí)膨脹以及評(píng)級(jí)機(jī)構(gòu)的壟斷行為和免責(zé)保護(hù)等問題進(jìn)行了探討。 第四章為“金融危機(jī)中美國信用評(píng)級(jí)機(jī)構(gòu)行為的根源分析”。本章同樣以美國信用評(píng)級(jí)機(jī)構(gòu)為研究對(duì)象，，在前文分析基礎(chǔ)上，著重論述了美國信用評(píng)級(jí)機(jī)構(gòu)在此次金融危機(jī)中的不當(dāng)行為的內(nèi)部和外部根源。 第五章為“美國信用評(píng)級(jí)機(jī)構(gòu)監(jiān)管改革分析”。本章對(duì)美國信用評(píng)級(jí)產(chǎn)業(yè)監(jiān)管規(guī)制的歷史沿革進(jìn)行了梳理分析。伴隨著信用評(píng)級(jí)產(chǎn)業(yè)的發(fā)展，美國信用評(píng)級(jí)產(chǎn)業(yè)的監(jiān)管規(guī)制，從初期的依靠機(jī)構(gòu)自律及市場(chǎng)競(jìng)爭(zhēng)機(jī)制，逐步過渡到由政府監(jiān)管部門依靠具體監(jiān)管規(guī)則進(jìn)行管理的體制化監(jiān)管階段。尤其在此次金融危機(jī)爆發(fā)后，美國證券交易委員會(huì)更加快了推進(jìn)信用評(píng)級(jí)機(jī)構(gòu)監(jiān)管法制化建設(shè)的步伐。 第六章為“美國信用評(píng)級(jí)監(jiān)管改革對(duì)我國的啟示與借鑒”。本章將研究視角轉(zhuǎn)到國內(nèi)。在后危機(jī)時(shí)代，加快我國信用評(píng)級(jí)機(jī)構(gòu)及其產(chǎn)業(yè)的培育與發(fā)展，既具有歷史必然性，也兼具時(shí)間緊迫性。美國信用評(píng)級(jí)機(jī)構(gòu)對(duì)我國信用評(píng)級(jí)市場(chǎng)的掌控，已經(jīng)威脅到我國的經(jīng)濟(jì)信息技術(shù)安全與金融安全，并剝奪了我國在國際資本市場(chǎng)中的話語權(quán)。隨著我國資本市場(chǎng)的進(jìn)一步開放，我國應(yīng)積極推進(jìn)自主信用評(píng)級(jí)機(jī)構(gòu)的發(fā)展，通過培育和扶持民族信用評(píng)級(jí)機(jī)構(gòu)，確保我國在國際金融市場(chǎng)的話語權(quán)，維護(hù)國家金融安全。
[Abstract]:With the development of global capital market, financial derivatives and trading tools of the global bond market innovation emerge in an endless stream, continues to expand, its complexity is deepening, which exacerbated the degree of risk in financial markets. Under this background, by virtue of their own credit rating agencies in information collection and processing of the professional advantages, coupled with the relative independence, become provide information and credit risk prompted professional information services to the capital market participants and financial regulatory agencies, and referred to as the "gatekeeper" of the capital market. The credit rating agencies in the financial market influence is rising at the same time, in several financial crises in recent years, especially since 2007 by the U.S. subprime mortgage crisis the outbreak of the global financial crisis caused by the improper, as has been questioned. Before the crisis, the credit rating agencies failed to see the crisis Happen, even with inflated ratings contributed to the risk of expansion; and after the crisis, credit rating agencies and rating scale, shake the confidence of the market, in fact sparked panic, the market trend of vicious spiral, exacerbated the crisis. In view of credit rating agencies in financial markets and the importance of maintaining the normal trade order. Based on the performance analysis of the financial crisis in the [1] behavior of American credit rating agencies, credit rating agencies and research in the United States after the regulatory reform, trying to clear the credit rating of internal and external causes failure ", and puts forward relevant policy on the development of credit rating industry in China.
This article is divided into six chapters.
The first chapter is "Introduction". This chapter starts from research background, according to the logic of the sort research literature on credit rating agencies at home and abroad. On this basis, the research methods used in this study, innovative research ideas and possible for described, and pointed out the shortcomings in this paper, so as to provide the direction and thinking for further study.
The second chapter is "the historical evolution and analysis of international credit rating industry. This chapter first defines the basic concepts of credit rating industry, on this basis, the main function demonstrates the credit rating in the financial markets, reduce financing costs, reduce investment risk, meet regulatory requirements and standard function, and so on the current widely used method of credit rating and credit rating program are introduced. Then, this chapter further analyzes the credit rating agencies: first introduced the historical evolution of the credit rating agencies, credit rating agencies and of the type are introduced, and expounds the system of credit rating agencies credit rating symbols and their meanings. Finally, this chapter from the three aspects of the rating definitions, rating methods and inspection, the three major U.S. credit rating agencies rating system are compared and analyzed.
The third chapter is the analysis of behavior of the U.S. credit rating agencies in the process of the global financial crisis. In this chapter on the U.S. credit rating industry, based on structured financial markets and related structured financial derivatives were reviewed on the further analysis of the behavior of credit rating agencies in the United States before the outbreak of the financial crisis and the crisis in the evolution process then, warning of the failure of the credit rating agencies, credit mechanism, discussed the problem of monopoly and expansion of credit rating rating agencies and exemption protection.
The fourth chapter is the analysis of cause of the financial crisis in the U.S. credit rating agency behavior. This chapter is also on the U.S. credit rating agency as the research object, on the basis of analysis, discusses the improper behavior in the financial crisis of the U.S. credit rating agency's internal and external causes.
The fifth chapter is the analysis of regulatory reform of American credit rating agencies. This chapter of the American credit rating industry regulation has reviewed the historical evolution analysis. With the development of credit rating industry, the regulation of the U.S. credit rating industry, from the beginning to rely on institutions self-discipline and market competition mechanism, gradually by the government supervision department depending on the specific rules of supervision system of stage management. Especially in the financial crisis, the U.S. Securities and Exchange Commission more quickly to promote the credit rating agencies, regulatory legal system construction.
The sixth chapter is "the American credit rating supervision reform enlightenment and reference to China". This chapter will study the perspective to China. In the post crisis era, speeding up the cultivation and development of credit rating agencies in our country and industry, not only has the historical inevitability, but also have the urgency of time. The American credit rating agencies in China the credit rating market control, information technology has been a threat to economic security and financial security in China, and deprived of our right to speak in the international capital market. With the further opening of China's capital market, China should actively promote the development of independent credit rating agencies, by fostering and supporting national credit rating agencies. To ensure that our right to speak in the international financial market, safeguard national financial security.

【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2014
【分類號(hào)】：F837.12

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