金融危机中美国信用评级机构行为分析及监管改革研究

发布时间：2018-01-06 00:30

本文关键词：金融危机中美国信用评级机构行为分析及监管改革研究　出处：《吉林大学》2014年博士论文　论文类型：学位论文

【摘要】：随着全球资本市场的发展，金融衍生品及交易工具创新层出不穷，全球债券市场规模不断扩大，其复杂程度不断加深，由此加剧了金融市场的风险程度。在此背景下，信用评级机构凭借自身在信息收集及处理方面的专业优势，加之相对的独立性，成为向资本市场参与者及金融监管机构提供信用信息及风险提示的专业化信息服务机构，并被称为资本市场的“看门人”。在信用评级机构对金融市场的影响力不断提升的同时，在近年来的几次金融危机中，特别是2007年以来由美国次贷危机爆发所引发的全球性金融危机中，其不当作为却倍受质疑。危机到来前，信用评级机构未能预测到危机的发生，甚至以虚高评级助长了风险的扩展；而危机发生后，信用评级机构又大规模下调评级，动摇了市场信心，在事实上引发了恐慌，使市场走向恶性循环，加重了危机的程度。鉴于信用评级机构对维护金融市场正常交易秩序的重要性，本文借助对此次金融危机[1]中美国信用评级机构所表现的行为的分析，以及对此后美国展开的信用评级机构监管改革的研究，试图明晰导致信用评级“失灵”的内外根源，并据此提出对我国信用评级产业发展的相关政策建议。本文共分为六章：第一章为“导论”部分。本章从选题的研究背景入手，按照问题研究的逻辑主线梳理了有关信用评级机构的国内外研究文献。在此基础上，对本文研究所采用的研究方法、研究思路和可能的创新进行了说明，并指出了本文研究的不足之处，从而为今后进一步深入研究提供了方向和思路。第二章为“国际信用评级业的历史演进与分析”。本章首先明晰了信用评级业的相关基本概念，在此基础上，论证了信用评级在金融市场中的主要功能，即减少融资成本、降低投资风险、满足监管需求和标准化功能，进而对当前被广泛使用的信用评级方法及信用评级程序进行了介绍。随后，本章进一步展开对信用评级机构的分析：首先简述了信用评级机构的历史演进过程，而后对信用评级机构的类型进行介绍，并阐述了信用评级机构的信用评级符号体系及其含义。最后，本章从评级定义、评级方法和评级检验三个方面，对美国三大信用评级机构的评级体系进行了比较分析。第三章为“美国信用评级机构在全球金融危机过程中的行为分析”。本章在对美国信用评级产业、结构性金融市场和相关结构性金融衍生工具进行简要评述的基础上，进一步分析了美国信用评级机构在此次金融危机爆发前以及危机演化过程中的行为表现，进而对信用评级机构的预警失效、信用机制失效、信用评级膨胀以及评级机构的垄断行为和免责保护等问题进行了探讨。第四章为“金融危机中美国信用评级机构行为的根源分析”。本章同样以美国信用评级机构为研究对象，，在前文分析基础上，着重论述了美国信用评级机构在此次金融危机中的不当行为的内部和外部根源。第五章为“美国信用评级机构监管改革分析”。本章对美国信用评级产业监管规制的历史沿革进行了梳理分析。伴随着信用评级产业的发展，美国信用评级产业的监管规制，从初期的依靠机构自律及市场竞争机制，逐步过渡到由政府监管部门依靠具体监管规则进行管理的体制化监管阶段。尤其在此次金融危机爆发后，美国证券交易委员会更加快了推进信用评级机构监管法制化建设的步伐。第六章为“美国信用评级监管改革对我国的启示与借鉴”。本章将研究视角转到国内。在后危机时代，加快我国信用评级机构及其产业的培育与发展，既具有历史必然性，也兼具时间紧迫性。美国信用评级机构对我国信用评级市场的掌控，已经威胁到我国的经济信息技术安全与金融安全，并剥夺了我国在国际资本市场中的话语权。随着我国资本市场的进一步开放，我国应积极推进自主信用评级机构的发展，通过培育和扶持民族信用评级机构，确保我国在国际金融市场的话语权，维护国家金融安全。
[Abstract]:With the development of global capital market, financial derivatives and trading tools of the global bond market innovation emerge in an endless stream, continues to expand, its complexity is deepening, which exacerbated the degree of risk in financial markets. Under this background, by virtue of their own credit rating agencies in information collection and processing of the professional advantages, coupled with the relative independence, become provide information and credit risk prompted professional information services to the capital market participants and financial regulatory agencies, and referred to as the "gatekeeper" of the capital market. The credit rating agencies in the financial market influence is rising at the same time, in several financial crises in recent years, especially since 2007 by the U.S. subprime mortgage crisis the outbreak of the global financial crisis caused by the improper, as has been questioned. Before the crisis, the credit rating agencies failed to see the crisis Happen, even with inflated ratings contributed to the risk of expansion; and after the crisis, credit rating agencies and rating scale, shake the confidence of the market, in fact sparked panic, the market trend of vicious spiral, exacerbated the crisis. In view of credit rating agencies in financial markets and the importance of maintaining the normal trade order. Based on the performance analysis of the financial crisis in the [1] behavior of American credit rating agencies, credit rating agencies and research in the United States after the regulatory reform, trying to clear the credit rating of internal and external causes failure ", and puts forward relevant policy on the development of credit rating industry in China.
This article is divided into six chapters.
The first chapter is "Introduction". This chapter starts from research background, according to the logic of the sort research literature on credit rating agencies at home and abroad. On this basis, the research methods used in this study, innovative research ideas and possible for described, and pointed out the shortcomings in this paper, so as to provide the direction and thinking for further study.
The second chapter is "the historical evolution and analysis of international credit rating industry. This chapter first defines the basic concepts of credit rating industry, on this basis, the main function demonstrates the credit rating in the financial markets, reduce financing costs, reduce investment risk, meet regulatory requirements and standard function, and so on the current widely used method of credit rating and credit rating program are introduced. Then, this chapter further analyzes the credit rating agencies: first introduced the historical evolution of the credit rating agencies, credit rating agencies and of the type are introduced, and expounds the system of credit rating agencies credit rating symbols and their meanings. Finally, this chapter from the three aspects of the rating definitions, rating methods and inspection, the three major U.S. credit rating agencies rating system are compared and analyzed.
The third chapter is the analysis of behavior of the U.S. credit rating agencies in the process of the global financial crisis. In this chapter on the U.S. credit rating industry, based on structured financial markets and related structured financial derivatives were reviewed on the further analysis of the behavior of credit rating agencies in the United States before the outbreak of the financial crisis and the crisis in the evolution process then, warning of the failure of the credit rating agencies, credit mechanism, discussed the problem of monopoly and expansion of credit rating rating agencies and exemption protection.
The fourth chapter is the analysis of cause of the financial crisis in the U.S. credit rating agency behavior. This chapter is also on the U.S. credit rating agency as the research object, on the basis of analysis, discusses the improper behavior in the financial crisis of the U.S. credit rating agency's internal and external causes.
The fifth chapter is the analysis of regulatory reform of American credit rating agencies. This chapter of the American credit rating industry regulation has reviewed the historical evolution analysis. With the development of credit rating industry, the regulation of the U.S. credit rating industry, from the beginning to rely on institutions self-discipline and market competition mechanism, gradually by the government supervision department depending on the specific rules of supervision system of stage management. Especially in the financial crisis, the U.S. Securities and Exchange Commission more quickly to promote the credit rating agencies, regulatory legal system construction.
The sixth chapter is "the American credit rating supervision reform enlightenment and reference to China". This chapter will study the perspective to China. In the post crisis era, speeding up the cultivation and development of credit rating agencies in our country and industry, not only has the historical inevitability, but also have the urgency of time. The American credit rating agencies in China the credit rating market control, information technology has been a threat to economic security and financial security in China, and deprived of our right to speak in the international capital market. With the further opening of China's capital market, China should actively promote the development of independent credit rating agencies, by fostering and supporting national credit rating agencies. To ensure that our right to speak in the international financial market, safeguard national financial security.

【学位授予单位】：吉林大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F837.12

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