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次贷危机的爆发再次引起人们对信用评级机构的强烈质疑,信用评级的失灵问题决非偶然现象,也不是评级模型失灵这一简单的原因所致。信用评级失灵有其深层次的原因,即既有评级市场的寡头垄断阻碍了评级技术进步的原因,也有评级过程中各种利益冲突对评级中立性的破坏,同时,也由于信用评级机构法律责任的缺失助长了评级机构对于评级失灵结果的漠视。在信用评级机构监管制度改革中,应针对这些深层次的问题进行改革,美国的信用评级机构改革实践反映了这些问题,建立了一些有效的规制制度,如明确准入制度、加强信息披露要求等,但在某些方面仍需要采取进一步的措施。
The outbreak of the subprime mortgage crisis once again raised strong doubts about the credit rating agencies, the failure of credit rating is no accident, nor is it due to the simple failure of the rating model. Credit rating failure has its own deep-seated reasons. That is, oligarchs in both rating markets have hindered the reason for the progress of rating technology, as well as the detriment of rating neutrality caused by various interest conflicts during the rating process. At the same time, due to the legal responsibility of credit rating agencies, The lack of growth has encouraged rating agencies to ignore ratings failures. In the reform of credit rating agencies regulatory system, these deep-seated problems should be reformed. The reform practice of credit rating agencies in the United States reflects these issues and has established some effective regulatory systems such as a clear access system and stronger disclosure requirements , But in some areas still need to take further measures.