美国信用评级市场与监管变迁及其借鉴

Lessons from the Credit Rating Market and Its Regulation Changes in the U.S.

美国信用评级业发展已经有上百年的历史。市场高度垄断、严重的"顺周期"现象、利益冲突、金融市场及监管当局对评级的严重依赖是当今美国信用评级市场存在的四大问题。目前美国信用评级业形成了以行业自律为基础、NRSRO注册与美国证券交易委员会(SEC)直接监管相结合的信用评级监管体系。美国信用评级市场发展及监管变迁对我国的启示是:应逐步打破国际评级市场完全由美国评级机构垄断的现有格局,必须逐步构建有中国自身特色的本土评级体系,并将本土评级体系的培育与国内债券市场建设、"走出去"战略及人民币国际化战略结合起来,降低国内监管部门及市场主体对外部评级机构的依赖。

With a history of a hundred years,the credit rating industry in the U.S.is now facing a series of problems,such as monopolization,＂pro-cyclicality＂,conflicts of interests,and the over-reliance of financial markets and regulators on ratings.The regulation system on the U.S.credit rating industry is based on self-discipline,while NRSRO and SEC are responsible for the registration and regulation of the rating agencies respectively.The development and changes in the regulation practice present some lessons for China：we should gradually break the dominating power of the U.S.upon credit ratings,gradually construct China＇s own rating system,co-develop China＇s rating system and bond market,and integrate the＂go-global＂strategy and RMB internalization process.These may help lower the dependence of domestic regulators and markets on overseas rating institutions and acce69 lerate the buildup of the credit rating legal system.