信用评级行业的定性分析

摘要

信用评级是弥补证券市场上信息不完全和不对称性的一项重要制度，在西方国家已成为证券市场风险监控的主要手段之一。在美国这个资本最发达的市场上，信用评级已存在了上百年的历史，而三大评级公司穆迪、标准普尔以及惠誉公司的信用评级报告已被投资者奉为投资的圭臬。

反观我国，由于我国资本市场是从上世纪90年代初发展起来的，信用评级行业的发展也不过短短十几年，目前存在着较多的问题。本文就是从国外信用评级业的发展历程来探讨如何借鉴国际经验，使我国的信用评级业能更加健康发展，更好地为资本市场服务。

本文研究的对象为信用评级行业，以定性分析为主，论文的结构安排如下：从信用评级的含义和作用出发，先叙述国外评级业的发展历程和经验，再转述到目前我国评级行业的发展历史、现状以及未来评级行业的发展趋势，通过与国外信用评级行业发展经验的对比，探讨评级行业存在的主要问题及制约因素。从外因来看制约评级业发展的主要因素有企业债券市场发展缓慢、未能形成有效的监管体系、信用评级的相关立法工作明显滞后；内因主要有市场准入问题、业内恶性竞争严重、信用评级技术发展中存在的不足，导致评级结果的公正性与权威性受质疑、评级等级缺乏数量化定义，评级方法有待改进、缺乏客观、可信的评级资料等6点。针对上述存在的原因，提出了促进我国信用评级行业发展的政策建议：大力发展企业债和公司债、改革企业债券发行制度，放开对企业债券利率的控制、明确主管机关，确立行业地位，建立有效的监管体系、加快建立和完善相关法律法规、积极培育信用评级市场，建立和健全我国的信用评级组织体系、加强评级机构自身建设以及重点抓好金融机构的信用评级工作。

关键词：信用评级跟踪评级企业债定性分析定量分析违约概率

ABSTRACT

Credit rating is one of the important regulations to make up the information asymmetry of the security market. In the developed countries it has been the main instrument to monitor and control the risks in the security market. Credit Rating industry has existed for more than one hundred years in USA, the most developed capital market, on which, Moody’s、Standard & Poors and Fitch’s credit rating reports have been regarded as the investment criterion to the investors.

China’s capital market has been developing during the beginning of the 1990’s and the development of the credit rating industry is no more than 2 decades. This passage is aim to absorb international experience to make China’s credit rating industry develop healthy and make better service to the capital market according to the history of the credit rating industry outside China.

The research object of the passage is credit rating industry and the research measure is qualitative analysis. The structure of the passage is listed below: Beginning with the definition and the function of credit rating, the passage narrated the development history and experience of credit rating industry in the developed countries firstly; secondly narrated the history、the current situation and the development trend of the credit rating in China. Comparing with the history of the credit rating outside China, the passage aims to discuss the main problem and restriction factors in the credit rating industry in China. The main exogenous causes that restrict the development of the credit industry in China is that the slowness of the corporate bonds market、un-efficient controlling and monitoring system、hysteretically legislation about credit rating industry. The immanent causes that restrict the development of the credit industry in China is that the problem of admittance and the malign competition、the oppugn to the justice and authority of the credit rating result due to the deficiency of the credit rating technology、the lack of quantitative definition of the credit rating grade 、the lack of external