国际信用评级行业监管镜鉴  

The Evolution of International Credit Rating Regulations

作　　者：黄鑫[1] 杨健健[1] 蒋敏杰 李松梁[1] 

机构地区：[1]中国银行间市场交易商协会

出　　处：《金融市场研究》2017年第11期36-50,共15页Financial Market Research

摘　　要：信用评级对资本市场发展至关重要,不仅能够通过输出评级结果实现对资本的定价,还能为金融产品的跨市场发行与销售提供"通行证"。考虑到信用评级机构较强的外部性和不透明性,对评级行业实施监管具有重要意义。本文研究国际主要市场对评级行业监管的沿革与经验,尤其是研究其对境外评级机构的监管,对完善我国信用评级行业的监管提供借鉴与参考。Credit ratings are crucial to the development of the capital market. Reliable rating results will not only help the pricing of capital, but also provide a ＂passport＂ for the issuance and sale of financial products across different markets. Given the industry＇s great sensitivity to external factors and the opacity of credit rating agencies in their rating practices, industry supervision is of critical importance. This paper assesses the evolution of rating industry supervision in major markets, particularly the regulation of rating agencies based offshore. It seeks to provide a reference for the improvement of regulation of China＇s credit rating industry

关 键 词：评级监管 法律框架 准入机制 注册 信息 

分 类 号：F832.51[经济管理—金融学]