| Modern credit rating originated in western countries,which has a history of more than 100 years and has been widely recognized in various countries.Credit rating reveals risks,reduces information asymmetry between capital supply and demand,fills in the information gap between investors and regulatory authorities,opens the financing window for capital demands,and enables the financial market to play the role of resource allocation better.Credit rating is an important tool to solve the information asymmetry of financial market and plays an important role in supervising market operation.However,according to Wind data statistics,a total of 840 bonds defaulted substantially from 2014 to 2021,with a default scale of 579.926 billion yuan.And 70% of them were of high credit rating before the default.Therefore,in the frequent bond default events in recent years,the early warning function of rating agencies is obviously inadequate.And the rating reports fail to objectively reveal the credit risk and repayment ability of the evaluated subjects.Credit rating is the quantification of enterprise credit level and repayment ability.Credit rating helps reduce information asymmetry in financial market and plays an important role in supervising market operation.First,this paper systematically combs the development course of bond credit rating system and introduces the current situation of China’s credit rating market.Secondly,through the statistics of bond default events from 2014 to 2021,it is found that the proportion of high credit rating before bond default is very high.Therefore,this paper studies the problems existing in the rating process by sorting out the frequent defaults of high-credit bonds.This paper analyzes the performance and causes of rating failure.This paper mainly studies the failure performance of credit rating from the perspectives of participants’ interests,rating results,tracking rating and rating adjustment,and explores the causes of failure of credit rating from the perspectives of market rules,market competition,rating system and employees.In the case section,this paper takes the default of Wintime Energy bonds as an example.As the giant of the domestic coal industry,Wintime energy main credit rating and debt credit rating are in a higher grade.In the explosion of substantive default of the day and the next day,Wintime Energy main rating and debt rating cliff type fall.Through comprehensive analysis of internal and external factors influencing the specific cases,found that the rating agencies in Wintime Energy bond issuance,duration and the near at maturity,not dynamic,pay close attention to enterprise management for its radical operation and management,debt structure imbalance,lower cash liquidity,and leading the maturity of the bonds may cause cross default failed to timely adjust the credit rating situation,etc.Moreover,the follow-up rating fails to reflect the credit risk of bonds and ignores the early warning signal of bond default,which makes the credit rating lose its foresight.Finally,this paper puts forward the following suggestions:First,improve the accountability mechanism for credit rating.Second,improve the independence of credit rating.Third,strengthen the identification of credit rating.Fourth,pay close attention to abnormal indicators.Fifth,Strengthen the dynamic management of tracking rating.Sixth,improve the level of expert teams.By strengthening pre-evaluation,in-process supervision and post-summary of credit rating,the timeliness,forward-looking and scientific nature of credit rating should be improved,the responsibility of intermediary agencies should be implemented,and delayed feedback downgrade should be eliminated to maintain the stability of financing order. |
