国际信用评级机构的功能扭曲与改革前景

Functional disorder and reform of global credit ratings mechanism

从理论上看,以标普、穆迪和惠誉为代表的国际信用评级机构的存在可以起到降低社会经济成本和优化资源配置的作用。然而,目前国际信用评级机构仍然存在着一些功能扭曲的表现,如"三大"评级机构反应的迟钝,使其可信性遭到市场广泛质疑;"三大"评级机构反应的过度,加剧了金融市场调整;"三大"评级模式隐含的利益倾向,违背了信用评级的独立与公正。整顿和规制国际评级机构,必须改革现行的评级模式和模拟评级程序,实现评级市场的竞争化与评级主体的多元化。

Theoretically speaking, global credit ratings agencies, such as S＆P, Moody＇s and Fitch, could cut economic costs and optimize the resource allocation. However, there exist some functional disorders in the credit ratings industry. For example, the slow reaction from the three major agencies discredited their ratings results, their overreaction caused amplified adjustment in the financial market, and the potential benefits from their ratings systems go against the rules of independence and fairness. To regulate the credit ratings industry and make it more competitive and multi-agent-based, the current ratings model and the simulated ratings process have to be changed.