现有的信用评级机构(CRA)业务模式和补偿模式是低效的

Complex Systems and Sustainability in the Global Auditing, Consulting, and Credit Rating Agency Industries Pub Date : 1900-01-01 DOI:10.4018/978-1-7998-7418-8.ch007

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引用次数: 0

摘要

信用评级机构(CRAs)的监管及其业务和薪酬模式容易产生各种反垄断和利益冲突问题。在过去的几十年里，信用评级机构在全球资本市场上发挥了至关重要的作用，在2007-2011年的全球金融危机中，信用评级机构的补偿合同和商业模式固有的低效率得到了清晰的体现，在此期间，ABS信托和一些大公司突然违约，事先评级没有被下调——众所周知，在信用评级机构下调评级之前，市场往往会消化潜在的违约或评级下调。本章探讨了现有和拟议的CRA业务模式和补偿模式的低效率。

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The Existing and Proposed Credit Rating Agency (CRA) Business Models and Compensation Models Are Inefficient

Credit ratings agencies (CRAs) are prone to various antitrust and conflict-of-interest problems that arise from their regulation and their business and compensation models. CRAs have played a critical role in global capital markets for the last few decades, and the inefficiencies inherent in the compensation contracts, and business models of CRAs were clearly illustrated during the Global Financial Crisis of 2007-2011, during which ABS trusts and some large companies suddenly defaulted without prior downgrades of their ratings – it's well known that markets often price in potential defaults or down-grades before CRAs revise their ratings downwards. This chapter explores the inefficiencies of the existing and proposed CRA business models and compensation models.

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Complex Systems and Sustainability in the Global Auditing, Consulting, and Credit Rating Agency Industries

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