本文關(guān)鍵詞：金融危機中美國信用評級機構(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，全球債券市場規(guī)模不斷擴大，其復(fù)雜程度不斷加深，由此加劇了金融市場的風險程度。在此背景下，信用評級機構(gòu)憑借自身在信息收集及處理方面的專業(yè)優(yōu)勢，加之相對的獨立性，成為向資本市場參與者及金融監(jiān)管機構(gòu)提供信用信息及風險提示的專業(yè)化信息服務(wù)機構(gòu)，并被稱為資本市場的“看門人”。在信用評級機構(gòu)對金融市場的影響力不斷提升的同時，在近年來的幾次金融危機中，特別是2007年以來由美國次貸危機爆發(fā)所引發(fā)的全球性金融危機中，其不當作為卻倍受質(zhì)疑。危機到來前，信用評級機構(gòu)未能預(yù)測到危機的發(fā)生，甚至以虛高評級助長了風險的擴展；而危機發(fā)生后，信用評級機構(gòu)又大規(guī)模下調(diào)評級，動搖了市場信心，在事實上引發(fā)了恐慌，使市場走向惡性循環(huán)，加重了危機的程度。鑒于信用評級機構(gòu)對維護金融市場正常交易秩序的重要性，本文借助對此次金融危機[1]中美國信用評級機構(gòu)所表現(xiàn)的行為的分析，以及對此后美國展開的信用評級機構(gòu)監(jiān)管改革的研究，試圖明晰導(dǎo)致信用評級“失靈”的內(nèi)外根源，并據(jù)此提出對我國信用評級產(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)信用評級機構(gòu)的國內(nèi)外研究文獻。在此基礎(chǔ)上，對本文研究所采用的研究方法、研究思路和可能的創(chuàng)新進行了說明，并指出了本文研究的不足之處，從而為今后進一步深入研究提供了方向和思路。 第二章為“國際信用評級業(yè)的歷史演進與分析”。本章首先明晰了信用評級業(yè)的相關(guān)基本概念，在此基礎(chǔ)上，論證了信用評級在金融市場中的主要功能，即減少融資成本、降低投資風險、滿足監(jiān)管需求和標準化功能，進而對當前被廣泛使用的信用評級方法及信用評級程序進行了介紹。隨后，本章進一步展開對信用評級機構(gòu)的分析：首先簡述了信用評級機構(gòu)的歷史演進過程，而后對信用評級機構(gòu)的類型進行介紹，并闡述了信用評級機構(gòu)的信用評級符號體系及其含義。最后，本章從評級定義、評級方法和評級檢驗三個方面，對美國三大信用評級機構(gòu)的評級體系進行了比較分析。 第三章為“美國信用評級機構(gòu)在全球金融危機過程中的行為分析”。本章在對美國信用評級產(chǎn)業(yè)、結(jié)構(gòu)性金融市場和相關(guān)結(jié)構(gòu)性金融衍生工具進行簡要評述的基礎(chǔ)上，進一步分析了美國信用評級機構(gòu)在此次金融危機爆發(fā)前以及危機演化過程中的行為表現(xiàn)，進而對信用評級機構(gòu)的預(yù)警失效、信用機制失效、信用評級膨脹以及評級機構(gòu)的壟斷行為和免責保護等問題進行了探討。 第四章為“金融危機中美國信用評級機構(gòu)行為的根源分析”。本章同樣以美國信用評級機構(gòu)為研究對象，，在前文分析基礎(chǔ)上，著重論述了美國信用評級機構(gòu)在此次金融危機中的不當行為的內(nèi)部和外部根源。 第五章為“美國信用評級機構(gòu)監(jiān)管改革分析”。本章對美國信用評級產(chǎn)業(yè)監(jiān)管規(guī)制的歷史沿革進行了梳理分析。伴隨著信用評級產(chǎn)業(yè)的發(fā)展，美國信用評級產(chǎn)業(yè)的監(jiān)管規(guī)制，從初期的依靠機構(gòu)自律及市場競爭機制，逐步過渡到由政府監(jiān)管部門依靠具體監(jiān)管規(guī)則進行管理的體制化監(jiān)管階段。尤其在此次金融危機爆發(fā)后，美國證券交易委員會更加快了推進信用評級機構(gòu)監(jiān)管法制化建設(shè)的步伐。 第六章為“美國信用評級監(jiān)管改革對我國的啟示與借鑒”。本章將研究視角轉(zhuǎn)到國內(nèi)。在后危機時代，加快我國信用評級機構(gòu)及其產(chǎn)業(yè)的培育與發(fā)展，既具有歷史必然性，也兼具時間緊迫性。美國信用評級機構(gòu)對我國信用評級市場的掌控，已經(jīng)威脅到我國的經(jīng)濟信息技術(shù)安全與金融安全，并剝奪了我國在國際資本市場中的話語權(quán)。隨著我國資本市場的進一步開放，我國應(yīng)積極推進自主信用評級機構(gòu)的發(fā)展，通過培育和扶持民族信用評級機構(gòu)，確保我國在國際金融市場的話語權(quán)，維護國家金融安全。
[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)位級別】：博士
【學(xué)位授予年份】：2014
【分類號】：F837.12

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