美國資產(chǎn)證券化中信用評級防御風(fēng)險(xiǎn)機(jī)制法律研究
發(fā)布時(shí)間：2018-10-07 19:09
【摘要】：信用評級是對受評對象的信用風(fēng)險(xiǎn)進(jìn)行評價(jià)的制度,在世界資本市場中占據(jù)重要地位。2007年,世界性信用危機(jī)爆發(fā),信用評級機(jī)構(gòu)由于評級質(zhì)量低下、未能預(yù)測市場風(fēng)險(xiǎn)而遭受質(zhì)疑。信用評級制度是應(yīng)市場需求而產(chǎn)生,旨在對可能發(fā)生的信用風(fēng)險(xiǎn)進(jìn)行預(yù)測。盡管存在諸多問題,但是評級制度本身是有重要存在價(jià)值的。美國評級機(jī)構(gòu)改革成果證明：通過評級失靈治理措施的采用,評級制度可以發(fā)揮其應(yīng)有作用。美國治理信用評級措施值得我們借鑒。我國信用評級制度發(fā)展歷史較短,評級法律規(guī)范欠缺、監(jiān)管混亂,因此,應(yīng)當(dāng)制定評級機(jī)構(gòu)專項(xiàng)立法、明確評級機(jī)構(gòu)性質(zhì)、指定專門監(jiān)管機(jī)構(gòu)。文章由四部分組成。 第一部分美國信用評級制度法律地位。信用評級是為解決資本市場信息不對稱問題產(chǎn)生的。信用評級能夠?yàn)槭袌鲋黧w提供投資對象的有效信息,從而積累了聲譽(yù)資本。美國政府將信用評級結(jié)果作為監(jiān)管手段,通過立法形式確定了信用評級的重要地位。 第二部分信用評級防御風(fēng)險(xiǎn)作用。信用評級制度通過各項(xiàng)制度設(shè)計(jì)可以對交易風(fēng)險(xiǎn)進(jìn)行有效預(yù)測。資產(chǎn)證券化中,信用評級制度通過對證券化交易風(fēng)險(xiǎn)進(jìn)行審查,提供信用風(fēng)險(xiǎn)信息。信用評級制度的存在對資本市場穩(wěn)定具有重要意義。 第三部分信用評級制度、評級機(jī)構(gòu)檢討。信用危機(jī)證明市場存在評級失靈。信用評級失靈的出現(xiàn)是評級活動(dòng)的不規(guī)范的結(jié)果,因此,應(yīng)通過評級改革方式實(shí)現(xiàn)評級定位的回歸。評級制度旨在解決信息不對稱問題,其制度設(shè)計(jì)也能夠完成這一目標(biāo)。聲譽(yù)資本機(jī)制已經(jīng)無法實(shí)現(xiàn)對評級機(jī)構(gòu)的有效規(guī)制。采用監(jiān)管的方式對評級機(jī)構(gòu)進(jìn)行規(guī)范勢在必行。 第四部分我國現(xiàn)行信用評級制度。我國現(xiàn)有評級規(guī)范不統(tǒng)一,存在政出多門、監(jiān)管缺位等問題。上述問題嚴(yán)重影響評級行業(yè)的健康發(fā)展。因此,應(yīng)當(dāng)通過專項(xiàng)立法、明確監(jiān)管主體等措施加強(qiáng)對評級機(jī)構(gòu)的規(guī)范。
[Abstract]:Credit rating is a system to evaluate the credit risk of the subject, which occupies an important position in the world capital market. In 2007, the world credit crisis broke out, and the credit rating agencies were poor in rating quality. The failure to predict market risks has been questioned. The credit rating system is produced in response to the market demand, aiming at predicting the possible credit risk. Although there are many problems, the rating system itself has important value. The results of the reform of the American rating agencies prove that the rating system can play its due role through the adoption of the governance measures of rating failure. The United States governance credit rating measures are worthy of our reference. China's credit rating system has a short history of development, lacking of legal norms and chaotic supervision. Therefore, it is necessary to formulate special legislation for rating agencies, clarify the nature of rating agencies, and appoint special regulatory agencies. The article consists of four parts. The first part is the legal status of American credit rating system. Credit rating is to solve the problem of asymmetric information in the capital market. Credit rating can provide effective information for market participants and accumulate reputation capital. The American government regards the result of credit rating as a means of supervision and determines the important position of credit rating by way of legislation. The second part is the role of credit rating against risk. The credit rating system can effectively predict the transaction risk through the design of various systems. In asset securitization, credit rating system provides credit risk information by examining the transaction risk of securitization. The existence of credit rating system is of great significance to the stability of capital market. The third part of the credit rating system, rating agencies review. The credit crisis proved that the market had a rating failure. The appearance of credit rating failure is the result of non-standard rating activities. Therefore, the return of rating orientation should be realized through rating reform. The rating system is designed to solve the problem of information asymmetry. Reputation capital mechanism has been unable to achieve the effective regulation of rating agencies. It is imperative to regulate the rating agencies in the way of supervision. The fourth part of our country's current credit rating system. China's existing rating norms are not uniform, there are many political issues, regulatory absence and other issues. These problems seriously affect the healthy development of the rating industry. Therefore, special legislation should be adopted to strengthen the regulation of rating agencies.
【學(xué)位授予單位】：西南政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：D971.2;DD912.28
本文編號(hào)：2255347
[Abstract]:Credit rating is a system to evaluate the credit risk of the subject, which occupies an important position in the world capital market. In 2007, the world credit crisis broke out, and the credit rating agencies were poor in rating quality. The failure to predict market risks has been questioned. The credit rating system is produced in response to the market demand, aiming at predicting the possible credit risk. Although there are many problems, the rating system itself has important value. The results of the reform of the American rating agencies prove that the rating system can play its due role through the adoption of the governance measures of rating failure. The United States governance credit rating measures are worthy of our reference. China's credit rating system has a short history of development, lacking of legal norms and chaotic supervision. Therefore, it is necessary to formulate special legislation for rating agencies, clarify the nature of rating agencies, and appoint special regulatory agencies. The article consists of four parts. The first part is the legal status of American credit rating system. Credit rating is to solve the problem of asymmetric information in the capital market. Credit rating can provide effective information for market participants and accumulate reputation capital. The American government regards the result of credit rating as a means of supervision and determines the important position of credit rating by way of legislation. The second part is the role of credit rating against risk. The credit rating system can effectively predict the transaction risk through the design of various systems. In asset securitization, credit rating system provides credit risk information by examining the transaction risk of securitization. The existence of credit rating system is of great significance to the stability of capital market. The third part of the credit rating system, rating agencies review. The credit crisis proved that the market had a rating failure. The appearance of credit rating failure is the result of non-standard rating activities. Therefore, the return of rating orientation should be realized through rating reform. The rating system is designed to solve the problem of information asymmetry. Reputation capital mechanism has been unable to achieve the effective regulation of rating agencies. It is imperative to regulate the rating agencies in the way of supervision. The fourth part of our country's current credit rating system. China's existing rating norms are not uniform, there are many political issues, regulatory absence and other issues. These problems seriously affect the healthy development of the rating industry. Therefore, special legislation should be adopted to strengthen the regulation of rating agencies.
【學(xué)位授予單位】：西南政法大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：D971.2;DD912.28
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