证券评级

sec还指出，伊根琼斯公司允许两位分析师为他们持有的证券评级，这违反了避免利益冲突的规定。

The SEC also alleged that Egan-Jones violated rules prohibiting conflicts of interest by allowing two analysts to rate securities they owned .

信息不对称、成本与证券评级业的产生

Asymmetry Information 、 Cost and Emergence of Bond Bating Industry

混合型证券评级：框架与案例

Rating on Hybrid Securities : Framework and Case Study

它还将聘请无利益冲突的公司为证券评级，并对抵押品进行估值。

It would also hire non-conflicted companies to rate the securities and value their collateral .

证券评级机构应当在对评级对象出具的首次评级报告中，明确规定跟踪评级事项。

The securities rating agency shall confirm expressly the tracking rating matters in the preliminary rating reports to the rated objects .

证券评级机构的高级管理人员不符合规定条件的，应当限期更换。

Any senior managerial personnel of the securities rating agency failing to meet the required conditions shall be changed within the regulated period .

证券评级机构及其有关人员应当配合检查，提供的信息、资料应当真实、准确、完整。

The securities rating agency and its relevant personnel shall cooperate in such inspections , and shall provide true , accurate and complete information for such inspections .

证券评级机构受理复评申请的，应当召开评级委员会会议重新进行审查，作出决议，确定最终信用等级。

The securities rating agency accepting the re-rating applications shall convene the meeting of the rating committee for carrying out reexamination , making decision and confirming the final credit rating .

证券评级机构接受委托开展证券评级业务，在确定信用等级后，应当将信用等级告知受评级机构或者受评级证券发行人。

The securities rating agency shall notify the credit rating to the rated entity or rated securities issuer after accepting the entrusted securities rating businesses and confirming the credit rating .

证券评级机构的人员考核和薪酬制度，不得影响评级从业人员依据独立、客观、公正、一致性的原则开展业务。

The staff examination and salary systems of the securities rating agency shall not affect the rating professional carrying out their businesses subject to independent , subjective , fair and consistent principles .

监管层面应该借鉴美国经验，建立健全证券评级制度、强化上市公司信息披露制度和完善上市公司诚信机制。

China should learn from American experience to establish and improve the security rating system , to strengthen information disclosure system of listed companies and to improve the integrity of the mechanism .

对于在开展证券评级业务活动中知悉的国家秘密、商业秘密和个人隐私，证券评级机构及其从业人员应当依法履行保密义务。

The securities rating agency and its rating professional shall perform confidential obligations according to law for the state secrets , business secrets and privacy which are known in carrying out the securities rating businesses .

证券评级机构的董事和高级管理人员应当对年度报告签署书面确认意见；对报告内容持有异议的，应当注明意见和理由。

The directors and senior managerial personnel of the securities rating agency shall sign a written opinion for the annual reports ; in case they are against such annual reports , they shall give reasons and opinions for their objections .

证券评级机构的实际控制人、股东、董事、监事、高级管理人员应当遵纪守法，不得从事损害证券评级机构及其评级对象合法权益的活动。

The actual controllers , shareholders , directors , supervisors and senior managerial personnel of the securities rating agency shall comply with the laws , and shall not engage in any activity which may damaging the lawful rights and interests of the securities rating agency and its rating objects .

从这个意义上讲，它就像是迈克尔巴里（MichaelBurry）。巴里意识到许多债务抵押证券的评级过高，同时估值过高，所以，他的基金ScionCapital率先卖空这些证券。

In that sense , it was like Michael Burry , the investor who realised that many CDOs were over-rated and over-valued , and whose fund Scion Capital was one of the first to short them .

实证结果对证券信用评级参考指标有些启示。

The empirical result is a revelation to the security credit ratings .

研究表明，证券分析师评级具有投资参考价值。

Research shows , analyst ratings have investment value .

关于证券信用评级贷款组合中违约传染的机理研究

On the Default Contagion on Loan Portfolio

是时候遏制这些证券背后评级机构的权力和影响力了。

It is time to curb the power and influence of the agencies behind them .

我国证券信用评级行业发展滞后，缺乏国际竞争力。

In China , the securities credit rating industry is lagging and still lack international competitiveness .

第二，信用增级是为提升资产证券信用评级而采用的技术手段。

The second one : Credit enhancing is a technical measure to enhance the credit evaluation of asset securities .

证券分析师评级报告的投资价值研究&来自香港股市的经验证据

A Study of the Value of Security Analysts ' Investment Rating : Evidence Based on Hong Kong Stock Market

遗憾的是，若是作为给评级机构进行评级的人，政府的表现会和证券的评级者一样糟糕。

Unfortunately , the government would be as poor a rater of rating agencies as it would be of securities .

因此，欧盟国家希望当前仅在对再证券化评级时使用强制轮换制，这看起来很合理。

So EU countries want to restrict mandatory rotation to the rating of re-securitisations for the time being , which seems sensible .

在借鉴美国证券信用评级民事法律责任的基础上，着重论述证券信用评级对第三人的民事责任。

With the reference of the American securities credit rating civil responsibility , the author focuses on its civil responsibility for the third party .

笔者认为在我国应制定统一的证券信用评级法，整合现行法律法规对证券信用评级的规定。

The author thinks that it is necessary to readjust the current law and regulation for the securities credit rating and set up a unitive one .

虽然国情和历史文化传统的差异决定了各国证券信用评级的具体制度和操作有一些不同，但是其基本原理在本质上是相通的。

Though the system is different by virtue of the divergence of the national condition and historical tradition , its basic theory is the same substantially .

证券信用评级产品具有公共物品的属性，但是却由通常采用公司制的市场主体的信用评级机构承担评级产品的供给。

Securities credit rating products have the properties of public goods , but they are supplied by those credit rating agencies that commonly adopted corporate market players .

在市场经济条件下，证券信用评级的本质是对资本市场债务人债务偿还可能性和意愿的一种测度。

In the market economy , the nature of the securities credit rating is a measure of the possibility and willingness of debt refunding of the capital market debtor .

证券分析师评级对提高资本市场的信息含量及其效率，降低股价的同步性，增强价格对资源配置的引导性起到了重要的作用。

Analysts play an important role in improving capital market information content and efficiency , lowering synchronization of stock price , enhancing the guide of price on resource allocation .