西部论坛
西部論罈
서부론단
West Forum
2012年
5期
55~62
,共null页
主权信用评级 标普 穆迪 惠誉 大公国际 主权债务 主权风险 国家风险
主權信用評級 標普 穆迪 惠譽 大公國際 主權債務 主權風險 國傢風險
주권신용평급 표보 목적 혜예 대공국제 주권채무 주권풍험 국가풍험
sovereign credit rating; S&P; Moody; Fitch; Dagong Global Credit Rating Agency; sovereign debt; sovereign risk; riskof a country
:三大机构的评级很大程度是站在发达国家立场,所采用的评级方法也过于陈旧,其在主权信用评级市场的垄断地位理应破除。2010年,大公国际首次公布了对50个国家的信用评级,试图打破三大评级机构的垄断及其固有评级模式,建立一套新型的评级体系。大公国际进行主权信用评级的指导思想与三大评级机构不同,核心评价指标也存在很大差异,评价结果也有明显不同:对政治稳定、经济表现优秀及前景艮好的新兴市场国家的评级高于三大机构,而对一些经济发展缓慢、债务负担日益沉重的发达国家的评级则明显低于三大机构。这反映了大公国际与三大机构评级理念的根本差异:不以意识形态和政治经济体制作为划分标准,更注重一国经济发展的前景。
:三大機構的評級很大程度是站在髮達國傢立場,所採用的評級方法也過于陳舊,其在主權信用評級市場的壟斷地位理應破除。2010年,大公國際首次公佈瞭對50箇國傢的信用評級,試圖打破三大評級機構的壟斷及其固有評級模式,建立一套新型的評級體繫。大公國際進行主權信用評級的指導思想與三大評級機構不同,覈心評價指標也存在很大差異,評價結果也有明顯不同:對政治穩定、經濟錶現優秀及前景艮好的新興市場國傢的評級高于三大機構,而對一些經濟髮展緩慢、債務負擔日益沉重的髮達國傢的評級則明顯低于三大機構。這反映瞭大公國際與三大機構評級理唸的根本差異:不以意識形態和政治經濟體製作為劃分標準,更註重一國經濟髮展的前景。
:삼대궤구적평급흔대정도시참재발체국가립장,소채용적평급방법야과우진구,기재주권신용평급시장적롱단지위리응파제。2010년,대공국제수차공포료대50개국가적신용평급,시도타파삼대평급궤구적롱단급기고유평급모식,건립일투신형적평급체계。대공국제진행주권신용평급적지도사상여삼대평급궤구불동,핵심평개지표야존재흔대차이,평개결과야유명현불동:대정치은정、경제표현우수급전경간호적신흥시장국가적평급고우삼대궤구,이대일사경제발전완만、채무부담일익침중적발체국가적평급칙명현저우삼대궤구。저반영료대공국제여삼대궤구평급이념적근본차이:불이의식형태화정치경제체제작위화분표준,경주중일국경제발전적전경。
The rating of three rating agencies is largely representing the developed countries, their rating methods are too stale and their monopoly position in credit rating market should be broken. In 2010, Dagong Global Rating Agency firstly announced its rating on 50 countries, trying to break the monopoly of the three rating agencies and their fixed rating model to establish a set of new rating system. The guiding ideas of Dagong Global Rating Agency to conduct sovereign credit rating are different from the three rating agencies, their core evaluation indicators are also largely different, as a result, their rating results are different. The rating on emerging countries with stable politics, excellent economy and good prospect by Dagong Global Rating Agency is higher than that of three rating agencies, however, Dagong' s rating on developed countries with slow economic development, heavier and heavier debt burden is obviously lower than that of the three, which reflect the basic difference of the ideas between Dagong Global Rating Agency and three rating agencies, Dagong does not regard ideology and political and economic system as evaluating standard but pays more attention to economic development prospect of a country.