评级市场的声誉机制及对我国信用评级业发展的启示

由美国次贷危机引发的全球信用危机激发了社会对“信用评级悖论”的关注。声誉溢价模型与美国信用评级业的发展历史说明了声誉机制对破解“信用评级悖论”、促进信用评级业的健康发展具有重要作用。当前，由于竞争过度、评级方法不透明、声誉信号传递不通畅和付费方式的影响，我国评级市场声誉机制难以发挥其作用。因此，应改革现有的信用评级体系，增强信用评级业的有序竞争，提高信用评级的透明度，加强对信用评级市场的金融监管，改进信用评级机构的管理框架，促进我国信用评级业的发展。

The Reputation Mechanism for Rating Market and Enlightenment for Developing the Rating Industry in China

The global credit crisis triggered by the U.S. subprime mortgage crisis achieved a great concern on the ＂credit rating paradox＂. Reputation premium models and the development history of the U. S. credit rating industry have shown the important role of reputation mechanism in dissolving ＂credit rating paradox＂ and promoting a healthy development of the credit rating industry. At present, owing to over competition, opaque rating methods, unsmooth reputation signaling, and charging ways, it＇s difficult to put the role of the reputation mechanism in China＇s rating markets into play. Therefore, it~ necessary to reform the existing credit rating system, to enhance the orderly competition in the credit rating industry, to increase the transparency of credit rating, to strengthen financial regulation on the credit rating markets, to improve the regulatory framework for credit rating agencies so as to promote the development of the credit rating industry in China.