信用评级行业的准入制度与监管:国际经验和启示
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摘要
本文梳理了欧美日韩及新兴市场国家信用评级行业的准入制度和市场现状,阐述国外信用评级行业监管改革的主要趋势和最新经验,进一步结合新兴市场国家评级行业的发展规律,提出了完善我国信用评级行业准入制度与监管框架的措施建议。研究对我国信用评级行业的发展以及监管部门准入与监管政策制定有一定的借鉴意义。
This paper sorts out the admission system and market supervision status of credit rating industry in Europe, America, Japan, Korea and emerging market countries, expounds the main trends and latest experiences of foreign credit rating industry regulatory reform, and further combines the development laws of rating industries in emerging markets. Moreover, we propose recommendations and measures to improve credit rating access systems and regulatory frameworks in China. The research has certain significance for the development of China's credit rating industry and the establishment of regulatory authorities and regulatory policies.
This paper sorts out the admission system and market supervision status of credit rating industry in Europe, America, Japan, Korea and emerging market countries, expounds the main trends and latest experiences of foreign credit rating industry regulatory reform, and further combines the development laws of rating industries in emerging markets. Moreover, we propose recommendations and measures to improve credit rating access systems and regulatory frameworks in China. The research has certain significance for the development of China's credit rating industry and the establishment of regulatory authorities and regulatory policies.
引文
[1]刘琳,查道林.付费模式、声誉与信用评级质量--基于我国债券市场的经验证据[J].中南财经政法大学学报,2018(03):106-114.
[2]姜楠,希莫.后危机时代信用评级机构声誉资本分析[J].征信,2014,32(11):50-53.
[3]范思雯.国际信用评级市场准入标准及本土评级机构的国际化出路[J].地方财政研究,2014(09):53-57+62.
[4]姜楠.我国信用评级机构监管框架设计[J].经济纵横,2014(07):55-59.
[5]杨勤宇,陶丽博.美欧信用评级行业监管框架概述及启示[J].内蒙古金融研究,2014(01):30-34.
[6]聂飞舟.信用评级行业竞争和规制:美国的经验和启示[J].证券市场导报,2011(03):19-24.
[7]羊淑青,谭金可.后金融危机下我国资信评级机构法律规制的完善[J].财经理论与实践,2010,31(05):124-128.
[8]Becker,B.&T.Milbourn,.How Did Increased Competition Affect Credit Ratings?.Journal of Financial Economics,2011.101:493-514
[9]Bolton,P.&X.Freixas&J.Shapiro.The Credit Ratings Game.The Journal of Finance,2012.67:85-111.
[10]Livingston,M.&W.P.Poon&L.Zhou.Are Chinese Credit Ratings Relevant?A Study of the Chinese Bond Market and Credit Rating Industry.Journal of Banking and Finance,2018.87:216-232.
[2]姜楠,希莫.后危机时代信用评级机构声誉资本分析[J].征信,2014,32(11):50-53.
[3]范思雯.国际信用评级市场准入标准及本土评级机构的国际化出路[J].地方财政研究,2014(09):53-57+62.
[4]姜楠.我国信用评级机构监管框架设计[J].经济纵横,2014(07):55-59.
[5]杨勤宇,陶丽博.美欧信用评级行业监管框架概述及启示[J].内蒙古金融研究,2014(01):30-34.
[6]聂飞舟.信用评级行业竞争和规制:美国的经验和启示[J].证券市场导报,2011(03):19-24.
[7]羊淑青,谭金可.后金融危机下我国资信评级机构法律规制的完善[J].财经理论与实践,2010,31(05):124-128.
[8]Becker,B.&T.Milbourn,.How Did Increased Competition Affect Credit Ratings?.Journal of Financial Economics,2011.101:493-514
[9]Bolton,P.&X.Freixas&J.Shapiro.The Credit Ratings Game.The Journal of Finance,2012.67:85-111.
[10]Livingston,M.&W.P.Poon&L.Zhou.Are Chinese Credit Ratings Relevant?A Study of the Chinese Bond Market and Credit Rating Industry.Journal of Banking and Finance,2018.87:216-232.