Analysis And Countermeasures Research On China Credit Rating Industry Under The Concept Of The Information Sovereignty

For a long time, international rating agencies----Standard&Poor’s, Moody’s and Fitch were widely questioned by the international community because of their opaque, unfair rating behavior which caused the serious consequences. A serious of events such as Enron, Fannie Mae&Freddie Mac’s bonds, Greece&Portugal’s sovereign credit rating and the debt crisis in Europe, let us understand the important role of the international credit rating agencies very well.The three major international credit rating agencies, known as the "gatekeeper" of the capital markets, has been taking advantage of its market position to dominate information releasing and capital allocation. Meanwhile, the international credit rating agencies have gradually penetrated and controlled our country’s credit rating market by means of mergers and acquisitions, which is a threat to China’s information sovereignty and financial security.With the data of the credit rating industry and starting from the basic theory of information sovereignty, this article analyzes the progress of foreign credit rating agencies’penetrating and controlling the credit rating market in China. The paper also tries to investigate the risks of China’s credit rating market and make targeted recommendations, providing an empirical study for the construction of the new credit rating system and later studies.In the first chapter, the paper defines the concepts of credit and credit rating, and then introduces the significance and history of the credit rating industry.In the second chapter, risks on information leakage of China’s credit rating market are analyzed from the perspectives of the credit rating agencies, market and information. These three aspects of credit risk are reflected by ownership of the international credit rating agencies, some ratings services and data from the process of rating. According to the main conclusions and domestic and international experience, relative suggestions are made in the last chapter.