發(fā)布時(shí)間：2018-03-18 19:24

  本文選題：日韓　切入點(diǎn)：信用評(píng)級(jí)　出處：《延邊大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：日本和韓國(guó)是亞洲率先發(fā)展信用評(píng)級(jí)行業(yè)的國(guó)家,兩國(guó)經(jīng)濟(jì)發(fā)展歷程和所處世界環(huán)境與我國(guó)相似。日本的評(píng)級(jí)行業(yè)深受美國(guó)影響,作為亞洲第一個(gè)成立信用評(píng)級(jí)機(jī)構(gòu)的國(guó)家,日本信用評(píng)級(jí)行業(yè)隨著日本債券市場(chǎng)在20世紀(jì)80年代以來(lái)的金融自由化改革中的不斷擴(kuò)張而逐步起航,目前處于亞洲領(lǐng)先水平。韓國(guó)是亞洲國(guó)家中繼日本之后第二個(gè)發(fā)展信用評(píng)級(jí)行業(yè)的國(guó)家。了解日本及韓國(guó)信用評(píng)級(jí)行業(yè)的發(fā)展歷程及當(dāng)前格局對(duì)于同處于亞洲這一大環(huán)境下的我國(guó)來(lái)說(shuō),有利于我們汲取經(jīng)驗(yàn)、取長(zhǎng)補(bǔ)短,對(duì)于我國(guó)評(píng)級(jí)行業(yè)的發(fā)展有一定的借鑒意義。 本文遵循先進(jìn)行一般理論分析,后提出實(shí)踐措施的研究步驟,通過(guò)對(duì)日韓信用評(píng)級(jí)行業(yè)發(fā)展歷程、行業(yè)監(jiān)管、評(píng)級(jí)結(jié)果需求、付費(fèi)模式以及雙評(píng)級(jí)模式等方面進(jìn)行分析,得出結(jié)論是： 在債券市場(chǎng)發(fā)展程度上,我國(guó)資本市場(chǎng)同樣長(zhǎng)期依賴以銀行為主的間接融資體系,債券市場(chǎng)等直接融資體系的發(fā)展較為滯后。長(zhǎng)期以來(lái),我國(guó)尚未發(fā)生一起實(shí)質(zhì)違約事件,即使近年發(fā)生了數(shù)起風(fēng)險(xiǎn)事件也在最后關(guān)頭轉(zhuǎn)危為安。在債券市場(chǎng)體量快速擴(kuò)大、內(nèi)涵不斷豐富之際,適時(shí)允許市場(chǎng)出現(xiàn)實(shí)際違約顯得尤為重要。 在信用評(píng)級(jí)行業(yè)監(jiān)管模式上,我國(guó)是由中國(guó)人民銀行、國(guó)家發(fā)展改革委和證監(jiān)會(huì)按照債券市場(chǎng)劃分對(duì)在相應(yīng)市場(chǎng)開(kāi)展業(yè)務(wù)的評(píng)級(jí)機(jī)構(gòu)進(jìn)行監(jiān)管。監(jiān)管模式上我國(guó)與日韓并不相同,就目前我國(guó)信用評(píng)級(jí)行業(yè)監(jiān)管部門(mén)間協(xié)調(diào)程度上看,多頭監(jiān)管在政策制定、實(shí)行等方面的監(jiān)管效率有待提高。 在付費(fèi)模式上,日本和韓國(guó)都曾嘗試由發(fā)行人付費(fèi)模式向投資人付費(fèi)模式進(jìn)行轉(zhuǎn)變,雖然在實(shí)際操作中,投資人付費(fèi)模式會(huì)加大評(píng)級(jí)機(jī)構(gòu)收取費(fèi)用的困難度,使評(píng)級(jí)機(jī)構(gòu)不得不壓縮成本,進(jìn)而可能影響評(píng)級(jí)質(zhì)量,但對(duì)于嘗試減少發(fā)行人對(duì)評(píng)級(jí)結(jié)果的影響,提高市場(chǎng)評(píng)級(jí)水平仍有著重要意義。 在雙評(píng)級(jí)模式上,雙評(píng)級(jí)在發(fā)達(dá)國(guó)家債券市場(chǎng)被普遍采用,在新興國(guó)家債券市場(chǎng)中也比較常見(jiàn),而我國(guó)應(yīng)用較少,主要是在發(fā)行資產(chǎn)支持證券以及發(fā)行人更換評(píng)級(jí)機(jī)構(gòu)時(shí),要求雙評(píng)級(jí)。相較于日韓對(duì)于雙評(píng)級(jí)模式的普遍推廣,我國(guó)也應(yīng)緊跟步伐推進(jìn)雙評(píng)級(jí)模式的施行。 由此提出適當(dāng)開(kāi)放國(guó)內(nèi)評(píng)級(jí)市場(chǎng),引進(jìn)外資評(píng)級(jí)機(jī)構(gòu)；降低評(píng)級(jí)結(jié)果在監(jiān)管法規(guī)中的依賴作用；拓展評(píng)級(jí)結(jié)果應(yīng)用領(lǐng)域；推進(jìn)投資人付費(fèi)模式應(yīng)用；推動(dòng)雙評(píng)級(jí)制度實(shí)行等建議。針對(duì)兩國(guó)評(píng)級(jí)行業(yè)發(fā)展歷程中的跨越點(diǎn),尋求我國(guó)進(jìn)一步發(fā)展評(píng)級(jí)行業(yè)的新途徑,推動(dòng)我國(guó)評(píng)級(jí)行業(yè)進(jìn)一步健康發(fā)展。
[Abstract]:Japan and South Korea are the first countries in Asia to develop the credit rating industry. Their economic development and world environment are similar to ours. Japan's rating industry is deeply influenced by the United States and is the first country in Asia to set up a credit rating agency. Japan's credit rating industry has set sail as the Japanese bond market continues to expand in the course of financial liberalization and reform since 1980s. South Korea is the second country to develop credit rating industry after Asian countries relaying Japan. Understand the history and current situation of credit rating industry in Japan and Korea. For our country in a big environment, It is helpful for us to learn from the experience and learn from each other, and it has certain reference significance for the development of our country's rating industry. This paper follows the general theoretical analysis, then puts forward the research steps of practical measures, through the analysis of Japan and South Korea credit rating industry development process, industry supervision, rating results demand, payment model and dual-rating model, and so on. The conclusion is that:. In terms of the development of bond market, the capital market of our country also depends on the indirect financing system which is dominated by banks for a long time. The development of direct financing system such as bond market has lagged behind. For a long time, there has not been a substantial default event in China. Even in recent years, a number of risky events have turned the corner. At a time when the bond market is rapidly expanding and rich in content, it is particularly important to allow the market to default in real time. In terms of the credit rating industry supervision model, China is governed by the people's Bank of China. According to the bond market, the State Development and Reform Commission and the Securities Regulatory Commission supervise the rating agencies operating in the corresponding markets. China is not the same as Japan and South Korea in terms of the mode of supervision. In terms of the degree of coordination between the regulatory authorities of the credit rating industry in China at present, The efficiency of long-scale supervision in policy-making and implementation needs to be improved. In terms of payment, both Japan and South Korea have tried to switch from issuer to investor, although in practice, investor payment makes it more difficult for rating agencies to collect fees. The rating agencies have to reduce the cost, which may affect the quality of the rating, but it is still important to try to reduce the impact of the issuer on the rating results and improve the market rating level. In the dual rating model, dual rating is widely used in the bond markets of developed countries and is also more common in the emerging countries, but it is seldom used in China, mainly when issuing asset-backed securities and changing the rating agencies of issuers. Compared with the general promotion of the dual rating model in Japan and South Korea, China should also keep pace with the implementation of the dual rating model. Therefore, appropriate opening of domestic rating market, introduction of foreign rating agencies, reduction of the dependence of rating results on regulatory regulations, expansion of the application of rating results, promotion of investor payment model application; Aiming at the leapfrogging points in the development process of the two countries' rating industry, we should seek a new way to further develop our country's rating industry and promote the further healthy development of our country's rating industry.
【學(xué)位授予單位】：延邊大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F831.5;F832.5

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