3英文文献及翻译格式示例

哈尔滨工业大学毕业设计（论文）

英文原文（原文也可以直接将PDF版打印）

ASSESSING CREDIT OR DETERMINING QUANTITY?

THE EVOLVING ROLE OF RATING AGENCIES

Lynnette D. Purda*

This version: April 21, 2011

Abstract

Over the past ten years, credit rating agencies have come under intense criticism from both practitioners and academics, first for their failure to identify problems resulting in bankruptcies at Enron and Worldcom and second for providing overly optimistic ratings for structured finance products. While many investors question the value of rating agencies in light of these criticisms, they have proven remarkably resilient. This paper provides a brief background on how rating agencies secured competitive advantages in evaluating credit quality. It then reviews the empirical evidence on the information content of ratings given these advantages. I argue that the information content of ratings stems from two intertwined sources: 1) information related to credit quality and 2) information related to the firm’s ability to access debt. Based on this evidence, I suggest that the dominant role for ratings today is as a benchmark for financial contracting. In this way, ratings remain influential in establishing the supply and demand of debt securities.

译文

评级机构的发展的作用评估信用还是决定数量？

本文：2011.4.21

摘要

在过去的十年，信用评级机构一直处于来自实践者和学者的激烈的批评中，首先他们未能发现问题，导致安然和世通破产；其次对结构性金融产品提供过于乐观的评级。虽然许多投资者因为这些批评对评级机构的价值提出了质疑，但他们仍然被证明是相当有活力的。这篇文章首先在评估机构如何在信用评级质量中获得竞争优势提供一个简单地背景介绍，然后考虑到这些优势回顾了一些信息内容方面的评级经验证据。个人认为信息内容的评级来自两种交织在一起（错综复杂）的来源：1）和信贷质量相关的信息；2)和公司获取债务资本能力相关的信息。以此为据，我建议当前评级的主导作用是作为基准的金融收缩。以这种方式，在建立债券的供应和需求方面评级仍然是有效的。

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