证券信用评级制度国际比较与借鉴

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1、——．．．．．．．．．．．．，．．．．．．．．．．．．．．．．．．．．．．．。．．．．．．．．．，．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．，．．．．．．．．．．．．．．．．．．．．、．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．【．．．．．．．．．．．．．．．．．．．．．塑摘要证券信用评级起源于发达债券市场，一段时期以来在全球金融市场及监管体系中据有举足轻重的地位，且影响力与17t俱增。目前国内证券信用评级走过了10余年并不平坦的发展道路，面临的环境、实务及理论研究还

2、相当不发达。但在可以预见的未来，随着债券市场能量的释放，评级业的成长空间是巨大的。本文通过回顾发达评级市场的演进历史、比较不同金融条件下评级制度、总缮国内徐业状况，试图理清中国证券信用评级落后的症结。关键词：证券信用评级评级制度国际比较中图分类号：平昭。扎F必2、厂擒褒ABSTlt轰CTI

3、lrecentyears，theroleandthecomplexityoffinaneialmarketshave掣owntremendously,causingadramaticchangeinthefinanciaIservi

4、cesindustry．Theimportanceofcreditratings．-．．thedefaultriskassessmentsassignedbycreditratingagencies(CRAs)tOfinancialinstruments(mainlybonds)-．has{nturnincreasedsignificantly．Asratingsbringinformationtothemarketplacebeyondthatconveyedbypubliclyavailablefinanciali

5、nformationalone(ReiterandZeibart，1991；Ederington，Yawed，andRoberts，1987；LiuandThakor,1984)，issuers，investors，andgovernmentregulatorshavelifiedtheirrelianceontheopinionsofcreditratingagenciesforcorporatefinancing，investmentdecisions，andri呔management(JeweltandLivin

6、gston，1998)。ThUSgreatconcelTlShavebeenfocusedontheseratingsandtheindustryasawhole．throughouttheglobalfinancialmarketsaswellasinapost．Ⅵ呵OaccessionChina．Thispaperattemptstoanswerthefollowingtwoquestions：Whatarethefundamentalcaasesthatliebehindandhavekeptsupporting

7、thegrowthandexpansionofcreditratingsindustry?What姑ndofmarketchancesawaitsaheadforeRAsinChinainspiteofconsiderableprevailingdifficulties?Itisorganizedasfollows：InChapterl。thepapercxa／n抛嚣selectedtermsandconeep妻sinthefieldofcreditratings，assessesafterabriefreviewof

8、thecreditratingshistorytheroleCRAs(creditratingagencies)playedinfinancialmarkets，particularlyinfixed—incomesecuritiesmarkets．Chapter2andChapter3argueseconomicsofcreditratingsandcomparesnationalinstitutionalarrangementsofratingsindustryrespectively．Finally,wecons

9、iderinChapter4themajorfactors，bothexternalandintemalones。whichhaveimpactsonbehaviorsofChineseCRAsusingananalyticalapproach．Keywords：creditratings，securities，internati