国内外信用评级业发展对比分析

The Comparative Analysis of Credit Ratings Development in China and Foreign Countries

各国因发展阶段与国情不同,资本市场和金融市场存在很大差异,使得各国信用评级业的发展过程也存在一定差异。从评级市场的集中度看,国内外评级机构市场集中度都比较高,世界上主权评级中超过90%的业务由穆迪、标准普尔、惠誉三大机构经营;我国尽管真正具有规模的评级机构数量有限,但也占据了较大的市场份额。从评级技术方法上看,目前以三大机构为代表的美国评级机构,除了业务量明显领先于其他国家之外,评级技术也非常成熟,处于世界领先水平;相比之下,我国评级业业务品种匮乏,评级技术还停留在较低的水平上。从评级机构监管制度看,西方发达国家的信用评级业尽管也不是完美无缺,但已经形成了较为成熟的市场格局,在信用评级业监管方面积累了丰富的实践经验;我国信用评级业监管尽管在主要内容上与国际监管实践基本一致,但监管措施仍然是粗线条的,缺乏可操作性,与较为成熟的国际监管模式相比还存在较大差距。为更好地促进我国信用评级业发展,应扶持大型本土龙头信用评级机构,增强信用评级机构创新意识,建立全国统一的监管协调体系。

Due to each country＇s different development stages and national situations, there are considerable diversities in their capital markets and financial markets. As a result, the development of the national credit rating system differs from country to country. In terms of market concentration, market concentration in the domestic and foreign credit rating market are all very high; more than 90 percent sovereign ratings in the world are operated by such three large institutions as Moody＇ s, S＆P and Fitch. Though there are only a few large scale credit rating institutions in China, they get comparative large market share. In terms of rating technology and method, the American credit rating companies represented by the three large credit rating institutions are playing the leading role not only in terms of business volume, but also in terms of technology. Limited by the deficiency in facility, technology adopted by Chinese credit rating institutions is still in the low level. In terms of supervision mechanism, a sophisticated market arrangement has been formed and abundant experiences have been accumulated, though there still some drawbacks in the credit rating industry in the advanced countries. The content of Chinese supervision on the credit rating industry is almost the same with that of international supervision pattern; but in terms of detailed enforcement regulation, it is very rough, and lack of operability. To better promote the development of Chinese credit ration industry, we should give more support to large local leading credit rating institutions, enhance their consciousness of innovation, and establish an unified national supervision and coordination system.