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Research On Legal System Of Chinese Credit Rating

Posted on:2017-01-31Degree:MasterType:Thesis
Country:ChinaCandidate:J J WangFull Text:PDF
GTID:2336330485998071Subject:Economic Law
Abstract/Summary:PDF Full Text Request
After the 2009 US subprime mortgage crisis, credit rating began to cause concern of scholars, meanwhile, as the "guardian of the interests of investors" and "gatekeepers of financial markets," the credit rating agency, role in addressing market information asymmetry made widespread recognition and trust of the market and regulators. With the advent of the Internet age, the number of companies issuing securities exponential growth, emerging, innovative financial products and the pace of Internet globalization of financial markets is accelerating complex financial products, the importance of credit ratings in the global capital markets increasingly significant. In our case, with the rapid changes in China's financial environment and increasing financial demands, the credit rating has become increasingly important, for that matter, for the study of localization credit rating has become a key research project.Practice on specific terms, although the outbreak of the credit rating like the United States has not been a serious failures, but also of its own, there are many legal issues, the end result is our country's credit rating not only failed to play its due role tips and even a certain level of order disrupt the existing financial and securities markets, and behind this situation the deeper reason is the credit rating of our imperfect legal system, based on this, it will be our credit rating as the legal system of this study objects to making a number of recommendations to improve the credit rating of the legal system. When the legal system of the credit rating of the need to pay attention to explore two questions: First, you should see the difference our credit rating and credit rating abroad, in particular legal system designed to improve credit rating, you need to consider our rating the nature of institutions, relationship rating industry and capital market development, both financial regulatory culture and philosophy, rating agencies and international voice-dependent factors such as size, thereby avoiding rote Comparative study time, to avoid falling into the "acclimatization" second, despite the many problems our country's credit rating may bring a lot of risk, but there is a positive impact on the development of its financial system, coupled with the country's rating agency in the process of development, in the corresponding law; plight improve the system, the regulation should not be repressive, but should be corrected and guided through regulation. The author in particular improve the system design, the use of the concept of economic law as a guiding principle, the information failure theory, the credibility of the theory of constraints, as well as profit-driven theory equilibrium theory as the theoretical basis to improve our credit rating legal system. The full text logical relations, according to the author to ask questions-analysis of the problem- to solve the problem of writing a logical approach to expand, while the integrated actual situation in China and his country's successful experience in all aspects of multi-angle made recommendations to improve the credit rating of the legal system, in order to solve the legal problems of our country's credit rating as well as the presence of imperfect legal system to provide impetus to point to an area.In addition to the introduction and conclusion, this paper consists of the following five components:The first part of the credit rating of the basic interpretation. Legal regulation specific problem studied, the premise is that definition and make objective and accurate understanding of the specific issues themselves. Therefore, this part of the concept of credit ratings, features and problems of the existence of the credit rating of the credit rating industry, these three aspects are discussed. Through research and analysis, to find the characteristics of the credit rating industry development stage, and to summarize the credit rating problems manifestations, cognitive and lay the foundation for later writing.The second part analyzes the main problems in the credit rating of the existence of the legal system. This part of the former in accordance with rating- rating- the rating after the order to sort out this time, a comprehensive analysis of the entire rating process of credit rating problems in the legal system. Analysis shows that China's legal system mainly credit rating rating control before, insufficient ratings regulatory review rating after less than three dimensions.The third part introduces the theoretical basis of the legal system of the credit rating. Information derived from the theory in which the failure to improve the information disclosure system is an important legal regime to break asymmetric information; come to build a reputation for fair competition from the theory of constraints to the establishment of credit rating agencies; and from profit-driven theory is, we need to improve conflict of interest prevention mechanism guaranteeing the independence and neutrality of the rating agencies; and finally an equilibrium theory is we need to pay attention to the balance of the relationship between government and the market, in order to prevent market failure and government failure to produce. This part of the study the relevant theory, laid the legal system of the country rating sound theoretical basis.The fourth part of the credit rating extraterritorial legal system reference. Credit rating and economic development is closely related to the development of the credit rating abroad is relatively mature, there are a large number of legal control measures against credit rating various issues, the legal system more perfect. Although China's credit rating problems and causes and abroad in the form of expression there are different, but equally there are common aspects worth learning. This is the main part of the author to the United States, EU and other countries credit rating to study the legal system, while the second part of a logical approach, and it involves several important system targeted for reference.The fifth part of our recommendations to improve the credit rating of the legal system, as part of the focus of the article, and a few of the article prior to forming the reference, according to advance- things- the logic afterwards, through market access and pre ratings improve the market competition system, information disclosure and conflict of interest in the rating system to improve prevention, detection and quality accountability system after perfect rating three levels to the specific design of the Perfection of the credit rating of the legal system is recommended in order to prevent failures and rating rating market failure.
Keywords/Search Tags:credit rating, legal system, information failures, equilibrium theory
PDF Full Text Request
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