The Reference Of The Development Of Japan’s And Korea’s Credit Rating Industry For China

The United States is the birthplace of the credit rating industry, and the development of rating industry in Asia is lagging behind. And economic development similar to Japan by the United States affect the rating industry, as the Asian country’s first credit rating agency established in the credit rating industry in Japan with the Japanese bond market continued to expand in the reform of financial liberalization since the1980s in gradually set sail, the current leader in Asia. South Korea is the second country which developed credit rating industry after Japan. For China, in the same environment in Asia, studying the development process of the credit rating industry in Japan and Korea, and the current pattern, will be a certain significance to help us learn from experience, learn from each other, for the development of the rating industry.This paper follows the first general theoretical analysis of the proposed research steps practice measures, through the analysis of the development process of Korean credit rating industry, the industry regulator, the rating results demand, pay-mode and dual rating models, etc., concluded that:China’s capital markets also rely on indirect bank-based financing system, the development of bond markets and other direct financing systems is lagging behind. For a long time, together with the essence of an event of default has not occurred, even though in recent years there have been several risk events are the last moment turned the corner. In the bond market, the rapid expansion of body mass, constantly enrich the connotation of the occasion, in a timely manner to allow the market actual breach is particularly important.By the People’s Bank of China, the National Development and Reform Commission and the Commission in accordance with the bond market is divided on doing business in the respective markets rating agency supervision. China and South Korea on a regulatory approach is not the same, the degree of inter-country credit rating industry regulators to coordinate current point of view, the long regulatory supervision efficiency in policy formulation, implementation and other aspects to be improved.On payment model, Japan and South Korea have tried to pay by the issuer pays the investor mode shift mode, though in practice, the investor pays model will increase the difficulty of the fees charged by rating agencies, rating agencies have to make reduce costs, which may affect the quality of ratings, but try to reduce the impact of issuer rating results, and improve the level of the market still has great significance rating.Currently, two rating in the bond market is widely used in developed countries, bond markets in emerging countries are also more common, and less of applications, primarily when the issue of asset-backed securities and issuers replacement rating agency, requiring double rating. For the general promotion of dual rating model, China should also keep pace with the advance of the implementation of dual-mode rating compared to Japan and Korea.Thereby making appropriate open the domestic market rating, the introduction of foreign rating agencies; reduce the rating results depend on the regulatory role; expand the rating results of applications; promote investor pays model application; promote dual rating system implementation proposals. Ratings for the two countries in the course of development across the industry point to seek new ways to further develop our rating industry, and promote the healthy development of China’s rating industry.