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面对理论界对于评级机构在金融危机中失误的指责和批判,本文通过分析评级机构在提高金融市场有效性、稳定金融市场方面的显著功效,说明了评级机构存在的不可缺性。文章认为,现有评级机制中不合理的付费模式是导致评级机构“有意”错误评级的主要原因,并提出了投资者和发行方双方付费的双向监督付费模式来改进现有机制。
Faced with criticisms and criticisms of rating agencies in the financial crisis by theorists, this paper illustrates the indispensability of rating agencies by analyzing the significant effectiveness of rating agencies in improving the effectiveness of financial markets and stabilizing financial markets. The article argues that the unreasonable payment model in the existing rating mechanism is the main reason leading to the wrong rating of rating agencies and proposes a two-way supervision and payment model paid by both investors and issuers to improve the existing mechanism.