Discussion On Legal Issues Of Credit Rating Of Public Offering Corporate Bonds

The role of credit rating of bonds to public investors seems like a traffic light to the driver. Objective and accurate credit ratings and being responsible to the public investors benefits led to the big sales of corporate bonds, namely the scale enlargement of corporate finance. Company bond credit rating includes CSRC as a reviewer, issuers and intermediaries, credit rating agencies are the main body of the credit rating. In order to obtain the current situation of the corporate bond market and the credit rating agencies, this article selects the sample in practice and the rules that applied for the sample. The ample has two aspects:on the one hand, we choose the company bonds examples which are publicly offering and issued in the Shanghai stock exchange market. And we limit the period from 2004 to 2013, at which the development of China’s bond was really rapidly. On the other hand, we have the credit rating agencies that have served for the company bonds example as the sample. After statistics and carding the samples and the rules it follow, three problems of the public company bond credit rating in China come out:(1) Our country legislation does not pay enough attention to credit rating although the it plays a big role and the credit rating affect directly to the judgment of public investors. (2) Absence of the rating agencies’ legal responsibility settings. (3) The regulators’ duty and powers division is unclear, administrater’s supervision is too weak, and the rating agencies’ self-discipline is not enough, In the face of the problems that occurs among the public company bond credit rating, we make the countermeasures. First, gradually improve the legislative level, to promote standard rules of credit rating to the hierarchy of administrative rules and regulations, strengthen the legislation of credit rating. Secondly, because of the quo of the regulation and the deficiency of responsibility system, we should complete the credit rating agencies’ civil responsibility, administrative responsibility and criminal responsibility. Finally, we should clear and define the supervision department’s power and duty, strengthen the supervision of the credit rating and improve self-discipline rules and strengthen self-discipline.