Research On Legal Regulation Of Credit Rating Market In China

In the mid-nineteenth century,credit ratings originated in the United States;in the late 1980s,credit ratings began to develop in China.As far as the develo pment time is concerned,the credit rating industry is still in the “infancy” period in China,but the credit rating industry has a good economic and moral found ation in China.China is the world's second largest economic entity,with abundant economic vitality,huge potential for credit rating market development,and credit rating business at the initial stage of not yet fully developed.China's domestic and international credit rating agencies are competing to occupy China's credit rating market,credit rating industry as well as the development of the credit rating industry also in a rapid upward period.At the same time,China has attached great importance to the fine tradition of “honesty and credit” which makes that the credit rating industry has a good moral support foundation in China,and China government is vigorously promoting the construction of social credit system and actively promoting the establishment of a credible society.As one of the core systems of the system,the credit system is a key bridge for the construction of the national social credit system.This paper focuses on the current situation of China's credit rating market regulation,first expounds the relevant theories of the credit rating market,then analyzes the current situation and advantages and disadvantages of the relevant legi slation and system development of the credit rating market,and then further cate gorizes the existing problems and formation reasons of the credit rating market in China,and finally puts forward suggestions for the improvement of specific legal regulations on the development problems in China's credit rating market.The credit rating is the service provider of the market financial information intermediary and information provided has the nature of quasi-public products,and is also the “gatekeeper” of the financial market.It has the function of quasi-financial supervision,and by analyzing the financial information and obtaining the result of the credit rating,the risk warning of the market participants is generated.Therefore,credit rating agencies also have the nature of quasi-public regulatory agencies.The objective authenticity of information analysis requires that creditrating agencies must be independent third parties.Although the credit rating agency is an independent third party,according to the "lemon market theory" credit rating market can not rely solely on the market's own regulation,but also strengthen the legal regulation,especially the economic law-centered legal regulation.At present,the legal regulations of credit rating market in China is mainly reflected in six aspects.In terms of relevant legislation,the "Guidelines for the Management of Credit Rating of the People's Bank of China" and "Interim Meas ures for the Administration of Credit Rating Business of the Securities Market" are the main regulations as well as the relevant provisions of the “Securities Law” supplemented by different local government regulations.In the credit rating market access and exit system,the access system focus on personnel qualifications,registered capital and business license,and the exit system is mainly active withdrawal and forced withdrawal.In terms of organizational form,China's credit rating agencies are limited liability companies;in terms of the charging system,government procurement,issuer payment,and investor payment are coexisting in three different payment models;the supervision system is based on government supervision and market supervision and the supervision management mode is separate operation and separate supervision;in the legal liability system,it is mainly the civil liability,administrative law responsibility,economic law of credit rating agencies,responsibility and criminal responsibility.Based on the analysis of the current situation of legal regulation in China's credit rating market,this paper analyzes the main problems and reasons in the legal regulation of China's credit rating market.First of all,China's credit rating related legislation is lacking,which is manifested in the low legislative level,the lack of standardization and systemicity and the coexist of legislative blanks and legislative conflicts.Secondly,China's credit rating market supervision mechanism is incomplete,mainly reflected in access and exit system and information disclosure system;finally,the legal responsibility and investigation mechanism of China's credit rating agencies is not in place.For the existing problems in the legal regulation of China's credit rating market,the corresponding targeted improvement measures are proposed.First of all,strengthening legislation and improving the construction of credit rating systems mainly include establishing a credit rating legislation system,promoting special legislation,raising the legal hierarchy,and improving the market access and exit mechanism of China's credit rating through unified standards and open and clear procedures.And completing the credit rating information disclosure system from the scope,method and legal responsibility aspects of information disclosure;then,in order to strengthen government supervision and promote self-regulation,the main measure is to establish a unified government supervision department or inf ormation sharing mechanism between government departments to promote the construction of credit rating self-regulatory organizations and establish a "double-pay" payment model for issuers and investors;finally,to strengthen the credit rating legal liability investigation mechanism,it firstly establishes and improves the credit rating legal liability system including civil liability,administrative liability,economic law liability and criminal liability.On this basis,an effective credit rating responsibility mechanism is established,and the credit rating agencies are more suitable for the selection of special general partnerships than the organizational forms of limited liability companies.Due to the late development of credit rating in China,the credit rating market cultivation mechanism and its legal regulation are still in the process of continuous exploration.Although there are foreign mature credit rating supervision experiences can be used for reference,combined with China's actual national condit ions,the credit rating market legal regulation still has a long way to go.