债券市场信用评级业健康发展的对策研究

Research on Countermeasures of Healthy Development of Credit Rating Industry in Bond Market

多年来,我国信用评级行业实现了跨越式发展,在统一规则、完善监管、对外开放等方面取得长足进步,但也存在债券评级虚高、事后信用评级预警能力不足等诸多问题。究其原因,主要是信用评级市场结构不合理,集中度不高,竞争过度;信用评级指标体系尚不完善,缺乏信用评级质量检验标准等。不仅影响了信用评级市场本身的发展,也给中国债券市场乃至资本市场的发展带来风险。需要创新机制,进一步鼓励“投资者付费”发展模式;强化信誉机制与行业自律,引导信用评级机构健康发展;鼓励开放与竞争,培育良好的竞争环境,形成有效的信息评级与风险预警功能的信用评价市场;逐步实现统一监管,建立完善的法律框架体系;加强引导,强化本土信用评级机构的长期能力建设,提高国际话语权,促进信用评级市场健康发展。

Over the years,our credit rating industry has achieved great progress in unifying rules,perfecting supervision and opening up.However,there are also many problems such as high bond rating,insufficient post-credit rating early warning ability,etc.The main reasons are unreasonable structure of credit rating market,low concentration and excessive competition.Credit rating index system is not perfect,lack of credit rating quality inspection standards.These factors not only affect the development of credit rating market itself,but also bring risks to the development of China's bond market and even the capital market.Therefore,we need to innovate mechanisms to further encourage the"investor pays"model of development;Strengthen the credit mechanism and industry self-discipline to guide the healthy development of credit rating agencies;Encourage openness and competition,cultivate a good competitive environment,and form an effective credit evaluation market with information rating and risk warning functions;Gradually realize unified supervision and establish a perfect legal framework system;Strengthen guidance,strengthen the long-term capacity building of local credit rating agencies,raise the voice of international discourse,and promote the sound development of the credit rating market.