美国资信评级行业监管及启示

US credit rating regulation and its implications

美国信用评级业发展已有一百余年的历史，资信评级机构也一直引用声誉理论说明其在评级过程中会保持足够的执业谨慎，但安然破产、次贷危机、欧洲主权债务危机等事件使监管者认识到，仅靠“声誉”无法保证评级机构勤勉尽责，必须加强监管。该文对美国资信评级监管历史进行了简要回顾，分析了资信评级行业存在的主要问题，讨论了多德法案对资信评级行业的监管重点，介绍了多德法案之后资信评级行业监管的后续进展，并对完善我国资信评级监管提出相关建议。

The development of US credit rating industry has a history of over a century. Credit rating agencies have long been applying the reputation theory to illustrate the upholding of due diligence in the credit rating process. However, following Enron bankruptcy, subprime credit, European sovereign debt crisis and so on, regulators are aware that reputation alone cannot guarantee that credit rating agencies exercise due diligence and regulation must be enhanced. The article gives a brief overview of the regulation history of credit rating in the US, analyzes the major problems of credit rating industry, discusses the regulatory focus of Dodd Bill on credit rating ndustry, introduces the subsequent progress of credit rating regulation after the Dodd Bill and gives suggestions on improving China＇s regulation of credit rating