一、引言2005年修订后的《公司法》及《证券法》实施以来,债券发行额呈逐年上升的趋势。通过发行债券进行融资逐渐成为经济主体在资本市场直接融资的另一重要途径,越来越多的市场主体参与到对债券的投资。信用评级机构通过对债券进行评级,以不同的等级来恰当地揭示债券信用风险,为投资者提供债券违约风险参考受到越来越多的关注。我国债券评级市场随 I. Introduction Since the implementation of the Company Law and the Securities Law, revised in 2005, the bond issuance has been increasing year by year. Financing by issuing bonds has gradually become another important way for the economic entities to directly finance in the capital market. More and more market participants are involved in the investment in bonds. By rating the bonds, the credit rating agencies properly reveal the credit risk of the bonds at different levels, attracting more and more attention for the investors to provide the reference of the bond default risk. China’s bond rating market with