信用评级引发的误导风险成因与控制研究——美国次贷危机中的信用评级误导风险对我国征信行业发展的启示

Study on Causes for and Control of Misled Risks Resulting from Credit Rating——Enlightenment for China's Credit Information Industry Development from Credit Rating-misled Risks for American Sub-prime Mortgage Crisis

美国次贷危机从某种意义上说也是一场信用评级的危机,这场危机见证了信用评级误导对投资者及市场经济的伤害。针对次贷危机中的信用评级误导风险,结合我国征信行业的发展现状及信用评级中可能存在的评级误导现象,认为评级对象的复杂性、评级方法的不可靠、利益关联等是信用评级误导风险产生的主要原因。今后,应改革信用评级中的收费模式,割断利益关联;加强信用评级的法制建设和监管框架建设;加快研发信用评级技术和模型等,以控制信用评级误导风险。

In a certain sense,the American sub-prime mortgage crisis is also a crisis of the credit rating,which witnessed the harm resulting from the misled credit rating to investors and the market economy.Considering the misled risks for the credit rating in the sub-prime crisis,combined with the present development of China s credit information industry and the possible misleading phenomenon in credit rating,this paper holds that the main causes for the misled credit rating risks are the complexity of the objects,...