證券信用評級制度-國際比較與借鑒.pdf

1、復(fù)旦大學(xué)碩士學(xué)位論文證券信用評級制度:國際比較與借鑒姓名：馬天紅申請學(xué)位級別：碩士專業(yè)：金融學(xué)指導(dǎo)教師：戴炳然2002.5.14擒褒ABSTlt轟CTI|lrecentyears，theroleandthecomplexityoffinaneialmarketshave掣owntremendouslycausingadramaticchangeinthefinanciaIservicesindustryTheimportanceofcr

2、editratingsthedefaultriskassessmentsassignedbycreditratingagencies(CRAs)tOfinancialinstruments(mainlybonds)hasnturnincreasedsignificantlyAsratingsbringinformationtothemarketplacebeyondthatconveyedbypubliclyavailablefinan

3、cialinformationalone(ReiterandZeibart，1991；Ederington，Yawed，andRoberts，1987；LiuandThakor1984)，issuers，investors，andgovernmentregulatorshavelifiedtheirrelianceontheopinionsofcreditratingagenciesforcorporatefinancing，inves

4、tmentdecisions，andri呔management(JeweltandLivingston，1998)。ThUSgreatconcelTlShavebeenfocusedontheseratingsandtheindustryasawholethroughouttheglobalfinancialmarketsaswellasinapostⅥ呵OaccessionChinaThispaperattemptstoanswert

5、hefollowingtwoquestions：WhatarethefundamentalcaasesthatliebehindandhavekeptsupportingthegrowthandexpansionofcreditratingsindustryWhat姑ndofmarketchancesawaitsaheadforeRAsinChinainspiteofconsiderableprevailingdifficultiesI

6、tisorganizedasfollows：InChapterl。thepapercxa／n拋囂selectedtermsandconeep妻sinthefieldofcreditratings，assessesafterabriefreviewofthecreditratingshistorytheroleCRAs(creditratingagencies)playedinfinancialmarkets，particularlyin

7、fixed—incomesecuritiesmarketsChapter2andChapter3argueseconomicsofcreditratingsandcomparesnationalinstitutionalarrangementsofratingsindustryrespectivelyFinallyweconsiderinChapter4themajorfactors，bothexternalandintemalones