论地方政府信用评级法律制度建设

Development of Legal Rules on Credit Rating for Local Governments

地方政府信用评级是建立规范合理的中央和地方政府债务管理及风险预警机制的重要一环,也是地方政府发行债券融资的前提。我国部分地方政府近年来的融资实践表明,良好的法律环境是政府信用评级制度的基础,相关制度的完善是准确评级的前提。因此,为确保信用评级的可靠性和正确性,必须加强信用评级的法律制度建设。其中,培育评级机构信誉资本、明确统一的监管部门、促使评级机构加强信息披露尤为重要。同时,还需对评级机构的市场准入、公司治理结构、利益冲突管理、评级的操作规则、信息发布规则、民事责任等方面的规范加以明确和细化。

Credit rating for local governments is a crucial part in establishing the formal and fair mechanism governing government debts and risk alert for both the central government and local governments, and also the prerequisite for local government to issue bonds. The system of credit rating for local governments can only be established on the condition of ideal legal environment. Therefore, a set of sound legal rules are prerequisites to the establishment of credit rating system for local governments. The regulation on credit rating for local government credits in China is at the beginning stage. Securing reliability and accuracy of credit rating demands a strengthened institution to regulate the credit rating thoroughly. Among many other measures, cultivating the reputation of rating agencies, defining a unified supervision agency, encouraging disclosure of information of rating agencies are of vital importance. Meanwhile, it also needs to make detailed rules to regulate marked entry, corporate governance structure, conflict of interests, performance rules, disclosure of information, and civil liability etc. in terms of credit rating.