美国证券信用评级制度改革及其启示

发布时间：2018-04-14 16:37

本文选题：美国 + 证券信用评级　；参考：《暨南大学》2011年硕士论文

【摘要】：美国的“次贷危机”充分暴露出美国证券信用评级的制度性缺陷：一是信用评级业存在严重的垄断问题；二是证券发行人付费模式、评级机构业务多元、以及评级机构的准监管者地位引致的严重利益冲突；三是评级机构法律责任的豁免权导致的严重道德风险。美国于2006年通过《信用评级机构改革法》,试图对美国证券信用评级制度进行有限度的改造,但收效甚微。为此,美国在2010年通过的《金融改革法》中,就信用评级制度进行了更为彻底的改革：一是通过设置内部隔离机制、强制信息披露、减少监管依赖等措施强化监管；二是废除了信用评级机构对第三人的免责特权,以保证评级的公正性与精确性,进而保障投资者的合法权益。而付费模式的改革仍在讨论中,评级机构收入与评级的准确性挂钩应当是未来改革的方向。我国证券信用评级制度在行业准入、利益冲突、法律责任问题上也存在缺陷,因此应该借鉴美国证券信用评级制度的改革,通过立法建立完善信用评级机构的市场准入制度、利益冲突回避机制以及信息披露制度,并明确评级机构对投资者承担责任的归责原则。
[Abstract]:The "subprime mortgage crisis" in the United States has fully exposed the institutional defects of the credit rating of the United States: first, there are serious monopoly problems in the credit rating industry; second, the payment mode of the securities issuers, and the diversified business of the rating agencies.And the serious conflicts of interest caused by the quasi-regulator status of the rating agencies, and the serious moral hazard caused by the immunity of the legal liability of the rating agencies.In 2006, the United States passed the Credit rating Agency Reform Act to try to reform the credit rating system of American securities with little effect.Therefore, in the Financial Reform Act passed in 2010, the United States carried out a more thorough reform on the credit rating system: first, strengthening supervision by setting up internal isolation mechanism, forcing information disclosure, reducing supervision dependence and so on;The second is to abolish the privilege of credit rating agencies to the third party to ensure the fairness and accuracy of the rating, and then to protect the legitimate rights and interests of investors.The reform of the payment model is still under discussion, and the link between the income of rating agencies and the accuracy of ratings should be the direction of future reform.China's securities credit rating system also has defects in industry access, conflicts of interest and legal liability. Therefore, we should learn from the reform of the securities credit rating system in the United States and establish and perfect the market access system of credit rating agencies through legislation.Conflict of interest avoidance mechanism and information disclosure system, and clear accountability of rating agencies to investors.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D971.2;D922.287;F831.51

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