从国际视角看我国信用评级市场的发展及完善  

Research on the Development and Improvement of China’s Credit Rating Market Under the View of International Comparison

作　　者：郝雨时 周格旭 

机构地区：[1]中国人民银行南京分行,江苏南京210004 [2]中国人民银行宿迁市中心支行,江苏宿迁223800

出　　处：《浙江金融》2021年第10期60-67,共8页Zhejiang Finance

摘　　要：2020年末,AAA评级的华晨集团和永煤集团相继出现违约,导致债券市场风险偏好明显下降,大量债券被迫取消发行,引发市场对信用评级机构评级结果的广泛质疑。为了稳定信用债市场运营,引导市场健康发展,人民银行等监管部门接连出台了多项制度文件,取得了一些积极成效。但是信用评级结果有效性不足的问题难以在短期内解决。分析研究信用评级市场现状及半年来的运行情况,发现问题并提出政策建议,对评级行业健康发展具有重要现实意义。At the end of 2020,AAA-rated Hua Chen Group and Yong Mei Group defaulted successively,resulting in a significant decline in risk appetite in the bond market.A large number of bond were forced to cancel,triggering widespread doubts about the rating results of credit rating agencies.In order to stabilize the operation of the credit bond market and guide the healthy development of the market,the People’s Bank of China and other regulatory authorities have successively issued a number of institutional documents and achieved some positive results.However,the problem of insufficient credit rating results is difficult to solve in the short term.Analyzing and studying the current status of the credit rating market and its operation in the past six months,discovering problems and making policy recommendations,have important practical significance for the healthy development of the rating industry.

关 键 词：债券违约 信用评级 评级调整 

分 类 号：F832.39[经济管理—金融学]