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近期,国内信用评级行业受到国内外媒体前所未有的关注,矛头直指债券市场级别竞争严重、等级虚高和等级区分度不足等问题。在级别泡沫之下,本应以信用资质定价的融资市场失去辨识依据,形成劣币驱逐良币的现象,进而影响整个实体经济的融资效率,并有诱发系统性风险的潜在可能。截至目前,我国债券市场存量55.4万亿元,公司类信用债15.11万亿元。在此背景下,应将评级行业放在债券市场
Recently, the domestic credit rating industry has received unprecedented attention from the domestic and foreign media, pointing to such issues as serious competition in the bond market, unfair levels and insufficient level distinctions. Under the bubble of the level, the financing market, which should be priced with credit qualification, should lose its identification basis and lead to the phenomenon that bad money drives out good money, further affecting the financing efficiency of the real economy as a whole, and has the potential to induce systemic risks. Up to now, the stock of China’s bond market is 55.4 trillion yuan and the corporate credit debt is 15.11 trillion yuan. In this context, the rating industry should be placed on the bond market