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Legal Review on the Credibility of Credit Rating

Author: HuangDeQing
Tutor: WuHong
School: East China University of Political Science
Course: Economic Law
Keywords: Credit rating Regulatory licenses Rating responsibility Rating regulatory
CLC: D912.28
Type: Master's thesis
Year: 2010
Downloads: 200
Quote: 0
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Abstract


Credit rating agencies (Credit Rating Agency, CRA), was born in the United States in the early 20th century railroad bonds boom. Rating agencies play an indispensable role in the reduction of capital market information asymmetry, reveals market and credit risk, improve market efficiency and professional market supervision. In recent years, frequent regional economic fluctuations, large companies and accounting firms teamed fraud and the subprime crisis events, making the credibility of the credit rating has been a great deal of questioning. Credit rating agencies failed to issue a cautious warning in advance, market volatility and then significant downgrade amended in further enlarge the market risk. To reflect on the early warning and response behavior of the rating agencies, should bear a large degree of responsibility of dishonesty crisis. Rating results inaccurate objective limitations, but repeated problems exposed by the crisis is the urgent need to change the rating industry. Market access barriers caused by the accumulation of reputation, a small number of rating agencies monopoly capital market discourse; profit for the purpose of rating agencies in the selection of a fair rating and profit model of moral hazard transfer of benefits; too loose for rating agencies legal positioning is not suited to the development of modern capital markets; urgent need to rebuild the system for the supervision of credit rating industry, these factors play a restricted rating credibility. In transition face credit rating industry infrastructure lag, the corporate bond market constraints rating requirements, competition in the rating industry, order and disorder, the the rating industry lack of legal system and the status quo is not uniform regulatory approach. The change of the credit rating industry in developed countries provide a good reference for our country. In this paper, the mechanism of action of the credit rating system as the starting point, the perspective of the legal reforms of the credit rating industry, the use of logical analysis and comparative approach, the key issues in the reform of the credit rating industry in developed countries, such as access to the credit rating industry set given system, the choice of the rating fee payment modes and mechanisms for conflict of interest, the rating agency legal status of the re-building and accountability mechanisms and regulatory thinking of the rating industry issues in depth. I will draw on the latest reform of the international credit rating industry, combined with our local rating industry development present situation of China's credit rating industry legal and regulatory system reform proposals build. In addition to the introduction and conclusion, this article is divided into five parts. The first chapter introduces the basic situation of the credit rating system, focusing on combing the credit rating of the theoretical basis and mechanism of action, good foundation paving the way for the discussion below. The second chapter focuses on the credit rating of market access issues discussed, analyzed the difficulties brought about by the regulatory license, as well as the United States and Europe rating agencies for rating access reform different ideas, combined with access to the status quo of China's credit rating industry, give advice. The third chapter focuses on the credit rating of a conflict of interest prevention issues, including the rating fee payment mode and rating business norms, but also combined with China's remarkable, given the recommendations. The fourth chapter analyzes the legal position of credit rating agencies, as well as investigation of rating lose the trust responsibility dilemma is which aspects of the reform of the international credit rating industry What are the implications of China's credit rating industry in the existing legal framework. Chapter five on the overall regulatory approach by the rating agencies of the United States and Europe compared to identify suitable regulatory model and development path of China's credit rating industry.

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CLC: > Political, legal > Legal > UNIVERSITY > Financial Law
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