如何提升中国评级标准体系的竞争力?

Enhancing the Competitiveness of China's Rating Agencies

经济新常态下中国债券市场的信用风险渐有暴露,甚至出现了中高信用评级的发行人违约的案例,为此国内信用评级标准日益受到关注。本文对国内评级是否出现"泡沫化"、如何判断评级标准体系的合理性,以及在与国际"三大"同台竞技的过程中如何提高中国评级标准体系的竞争力等问题进行了分析并提出建议。

The credit risks of China＇s bond market have been exposed in what has been called a ＂new normal＂ for the economy. Bond issuers with medium or high credit ratings have been among those defaulting on their obligations, and this has drawn increased attention to the standards used in the domestic credit rating business. This paper tries to determine whether ＂rating inflation＂ is a significant problem among domestic credit rating agencies. In order to help China＇s rating system measure up to the standards of the ＂big three＂ international competitors, this paper seeks to determine how rating standards should be applied domestically. It also makes a number of suggestions in order to improve the competitiveness of domestic rating firms