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由于评级机构对次级债众多新产品的信用状况和特点认识不足,对次级债产品的评级模型缺乏历史数据的检验,加之评级机构经营模式中的利益冲突在一定程度上影响风险控制效果等,一场涉及美国众多金融机构的次级债危机正在全球蔓延,并逐步演变为一场全球信用危机。对此,应重新审视美国信用评级机构运营机制的固有缺陷,并引以为鉴,采取相应措施规范我国信用评级业的发展:一是大力发展评级业,提高信息的透明度;二是加强对评级对象信用风险的研究;三是不断完善评级机构内容风险控制机制;四是加强对信用评级业的监管。
Due to the lack of understanding of the credit status and characteristics of many new products of subordinated debt, rating agencies lack of historical data to test the rating models of subordinated debt products and the conflicts of interest in the business model of rating agencies to a certain extent affect the effectiveness of risk control , A subprime crisis involving many U.S. financial institutions is spreading around the world and gradually evolving into a global credit crisis. In this regard, we should re-examine the inherent shortcomings of the operating mechanism of the U.S. credit rating agencies and learn from them and take appropriate measures to standardize the development of China’s credit rating industry: First, vigorously develop the rating industry to improve the transparency of information; second, Object credit risk research; third is to continuously improve the rating agency content risk control mechanism; Fourth, strengthen the credit rating industry regulation.