金融危机背景下我国信用评级机构声誉机制研究

A Study on the Reputation Mechanism of Credit Rating Agencies of Our Country in the Background of Financial Crisis

金融危机爆发的原因是多方面的,但信用评级机构未能及时向投资者提示结构化金融产品的潜在风险是其原因之一。金融危机使得评级机构面临着"声誉危机",这也显示出声誉机制没有发挥应有的激励约束作用。本文在金融危机背景下通过声誉溢价模型考察了信用评级机构声誉机制,并结合我国信用评级市场发展状况,分析了我国信用评级机构声誉机制缺失动因,提出了重塑我国信用评级机构声誉机制,提高评级质量的政策建议。

Financial crisis has many reasons, but one of the reasons is that credit rating agencies failed to warn investors on the potential risk of structured financial products. Credit rating agencies are faced with ＂reputation crisis＂ because of the financial crisis, which also shows that reputation mechanism didn＇ t play the role of inspiration and restriction. In the background of financial crisis, through the model of reputation premium, the authors study the reputation mechanism of credit rating agencies, in combination with the development of the market of credit rating in our country analyze the causes of the absence of reputation mechanism of credit rating agencies in China and finally put forward some suggestions for reconstructing the reputation mechanism of credit rating agencies in our country and enhancing the quality of credit rating.