次贷危机、资信评级与评级质量改进

Subprime Crisis, Credit Rating and Quality Improvement

美国次贷危机的爆发有其特殊的背景,而评级机构因表现不佳而受到市场参与者的广泛批评。本文回顾了次贷危机的背景,在此基础上分析了评级机构的角色及结构性融资产品评级的程序、方法和内容,并结合证监会国际组织、美国证监会的监管提议,提出了改进评级质量的建议。

There are some special factors affecting the U.S. subprime crisis, among which the credit rating agencies have incurred wide criticism. This paper reviews the background of subprime crisis, analyzes the role and function of credit rating agencies, and discusses the rating process, methodology and determining credit ratings for structured finance such as CDOs and RMBS. Based on the proposed rule of IOSCO and SEC, advices are given on the improvement of rating quality.