摘要
信用评级机构在美国次贷危机和欧债危机中备受指责,被认为是危机的重要推手,社会各界均呼吁加强对信用评级行业的监管,欧美迅速出台了新的法规强化监管。但加强评级行业的监管能否改善评级质量,学术界却看法不一。本文的研究发现,通过加强监管,可以改善评级质量,从社会福利的角度看,非对称性监管优于对称性监管。美国对信用评级行业的监管力度不足是次贷危机前评级泡沫产生的重要原因之一。各国需要采用非对称性监管模式,加大复杂性金融产品评级的监管力度,防止评级高估,提高评级质量。
Credit rating agencies were criticized widely in the U.S. subprime-mortgage crisis and European debt crisis.They were viewed as the important booster for the crises. It＇s called to strengthen the regulation of credit rating industry. The U.S.and EU have issued new laws rapidly for strengthening the supervision. However, there are different views about whether strengthening the regulation of credit rating industry can improve quality of credit rating in the academic circles. This paper believes that strengthening the supervision will work. From the perspective of social welfare, asymmetric regulation for credit rating industry is superior to symmetric one. Before the U.S. subprime-mortgage crisis, the serious lack of supervision is one of important reasons for the bubble of credit ratings. Every country needs to use asymmetric regulation and strengthen the supervision for credit ratings of complex financial products in order to prevent overestimation of credit rating and improve its quality.
出处
《国际金融研究》
CSSCI
北大核心
2016年第3期40-50,共11页
Studies of International Finance
关键词
信用评级
信用评级质量
监管
Credit Rating
Quality of Credit Rating
Regulation
