美国资产证券化中信用评级防御风险机制法律研究

发布时间：2018-10-07 19:09

【摘要】：信用评级是对受评对象的信用风险进行评价的制度,在世界资本市场中占据重要地位。2007年,世界性信用危机爆发,信用评级机构由于评级质量低下、未能预测市场风险而遭受质疑。信用评级制度是应市场需求而产生,旨在对可能发生的信用风险进行预测。尽管存在诸多问题,但是评级制度本身是有重要存在价值的。美国评级机构改革成果证明：通过评级失灵治理措施的采用,评级制度可以发挥其应有作用。美国治理信用评级措施值得我们借鉴。我国信用评级制度发展历史较短,评级法律规范欠缺、监管混乱,因此,应当制定评级机构专项立法、明确评级机构性质、指定专门监管机构。文章由四部分组成。第一部分美国信用评级制度法律地位。信用评级是为解决资本市场信息不对称问题产生的。信用评级能够为市场主体提供投资对象的有效信息,从而积累了声誉资本。美国政府将信用评级结果作为监管手段,通过立法形式确定了信用评级的重要地位。第二部分信用评级防御风险作用。信用评级制度通过各项制度设计可以对交易风险进行有效预测。资产证券化中,信用评级制度通过对证券化交易风险进行审查,提供信用风险信息。信用评级制度的存在对资本市场稳定具有重要意义。第三部分信用评级制度、评级机构检讨。信用危机证明市场存在评级失灵。信用评级失灵的出现是评级活动的不规范的结果,因此,应通过评级改革方式实现评级定位的回归。评级制度旨在解决信息不对称问题,其制度设计也能够完成这一目标。声誉资本机制已经无法实现对评级机构的有效规制。采用监管的方式对评级机构进行规范势在必行。第四部分我国现行信用评级制度。我国现有评级规范不统一,存在政出多门、监管缺位等问题。上述问题严重影响评级行业的健康发展。因此,应当通过专项立法、明确监管主体等措施加强对评级机构的规范。
[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.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D971.2;DD912.28

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