国际金融研究
國際金融研究
국제금융연구
Studies of International Finance
2012年
2期
32~40
,共null页
信用评级 声誉资本 NRSRO
信用評級 聲譽資本 NRSRO
신용평급 성예자본 NRSRO
Credit Rating; Reputation Capital; NRSRO
美国信用评级业发展已经有上百年的历史。市场高度垄断、严重的＂顺周期＂现象、利益冲突、金融市场及监管当局对评级的严重依赖是当今美国信用评级市场存在的四大问题。目前美国信用评级业形成了以行业自律为基础、NRSRO注册与美国证券交易委员会（SEC）直接监管相结合的信用评级监管体系。美国信用评级市场发展及监管变迁对我国的启示是：应逐步打破国际评级市场完全由美国评级机构垄断的现有格局,必须逐步构建有中国自身特色的本土评级体系,并将本土评级体系的培育与国内债券市场建设、＂走出去＂战略及人民币国际化战略结合起来,降低国内监管部门及市场主体对外部评级机构的依赖。
美國信用評級業髮展已經有上百年的歷史。市場高度壟斷、嚴重的＂順週期＂現象、利益遲突、金融市場及鑑管噹跼對評級的嚴重依賴是噹今美國信用評級市場存在的四大問題。目前美國信用評級業形成瞭以行業自律為基礎、NRSRO註冊與美國證券交易委員會（SEC）直接鑑管相結閤的信用評級鑑管體繫。美國信用評級市場髮展及鑑管變遷對我國的啟示是：應逐步打破國際評級市場完全由美國評級機構壟斷的現有格跼,必鬚逐步構建有中國自身特色的本土評級體繫,併將本土評級體繫的培育與國內債券市場建設、＂走齣去＂戰略及人民幣國際化戰略結閤起來,降低國內鑑管部門及市場主體對外部評級機構的依賴。
미국신용평급업발전이경유상백년적역사。시장고도롱단、엄중적＂순주기＂현상、이익충돌、금융시장급감관당국대평급적엄중의뢰시당금미국신용평급시장존재적사대문제。목전미국신용평급업형성료이행업자률위기출、NRSRO주책여미국증권교역위원회（SEC）직접감관상결합적신용평급감관체계。미국신용평급시장발전급감관변천대아국적계시시：응축보타파국제평급시장완전유미국평급궤구롱단적현유격국,필수축보구건유중국자신특색적본토평급체계,병장본토평급체계적배육여국내채권시장건설、＂주출거＂전략급인민폐국제화전략결합기래,강저국내감관부문급시장주체대외부평급궤구적의뢰。
With a history of a hundred years,the credit rating industry in the U.S.is now facing a series of problems,such as monopolization,＂pro-cyclicality＂,conflicts of interests,and the over-reliance of financial markets and regulators on ratings.The regulation system on the U.S.credit rating industry is based on self-discipline,while NRSRO and SEC are responsible for the registration and regulation of the rating agencies respectively.The development and changes in the regulation practice present some lessons for China：we should gradually break the dominating power of the U.S.upon credit ratings,gradually construct China＇s own rating system,co-develop China＇s rating system and bond market,and integrate the＂go-global＂strategy and RMB internalization process.These may help lower the dependence of domestic regulators and markets on overseas rating institutions and acce69 lerate the buildup of the credit rating legal system.
