信用评级行业竞争和规制:美国的经验和启示

The credit rating industry competition and regulation:the U.S. experience and inspiration

美国信用评级行业高度集中,标普、穆迪是评级市场的统治者。美国证券交易委员会对国家认可的统计评级机构(NRSROs)的指定以及基于监管目的广泛使用NRSROs概念导致评级行业的准入壁垒。声誉资本、网络效应以及评级透明也是影响信用评级行业竞争状况的因素。为了增进评级行业竞争,美国已经加强对信用评级机构的法律监管,并正在酝酿新一轮的竞争规制措施和改革方案。美国的经验和做法对于我国刚刚起步的信用评级行业的发展具有借鉴意义。

The credit rating industry is an extremely concentrated industry in the United State.Standard Poor and Moody are the dominant actors in the credit rating market.The designation as ＂nationally recognized statistical rating organization＂（NRSROs） by the Securities and Exchange Commission and the regulatory use of NRSROs concept are the factors that have created barriers to entry.Reputational capital,network effect and transparency of rating are factors that potentially affect competition in the credit rating industry.Efforts have been taken and the regulatory proposals and reform schemes have been considered to create a more competitive credit rating industry.The competition and regulation in the United State has referential significance for the developing credit rating industry of China.