(1) Accelerate the formulation of relevant laws and regulations on securities credit rating. We believe that the legal and regulatory system of securities credit rating generally includes three levels: first, Article 157 of the Securities Law clearly stipulates the basic issues such as the positioning, nature and management organization of securities credit rating agencies; Second, the State Council formulated administrative regulations such as the Measures for the Administration of Securities Credit Rating and the Measures for the Administration of Securities Credit Rating Agencies' Qualifications, and defined the establishment conditions, approval procedures, business rules, prohibitions and punishment measures of securities credit rating agencies; Third, China Securities Regulatory Commission and other relevant departments formulate departmental rules, mainly including the qualification management of securities credit rating business personnel and specific business supervision measures. It is an urgent task for the development of securities credit rating industry to form a perfect legal system for credit rating business as soon as possible, so that the establishment and business operation of securities credit rating agencies can be based on laws and rules.
(2) Cultivate independent securities credit rating agencies, and constantly improve their business level and management level. The independence of personnel, funds and management of rating agencies is an important guarantee for the objectivity and fairness of securities credit rating. Credit rating agencies in developed countries are generally independent of any regulatory agencies and are not influenced by shareholders, assessed objects and governments. The credibility of securities rating companies is reflected in their professional technical level and internal management. The most competitive thing is the quality of the company's work, that is, accuracy, reliability and consistency, rather than arbitrarily improving the credit rating of customers. Therefore, a completely independent credit rating company with high professional level and management level is the rating company that the market needs. When establishing laws and regulations related to securities rating in China, it is necessary to prohibit securities issuers, securities underwriters and securities regulatory agencies from directly undertaking rating work, and the personnel composition, funding sources and work management of securities credit rating agencies should remain independent.
(3) Expand the scope of securities credit rating. At present, China's credit rating subject is single, the main target is limited to bonds, and the credit rating of listed companies, securities companies and other securities market subjects is extremely rare. China securities companies not only have market risk, credit risk and liquidity risk of securities companies in developed countries, but also have some special risks in China's economic transition period. In addition, the information disclosure is not sufficient and the accounting system is not perfect, so it is difficult to accurately evaluate the risks of securities companies only by financial statements. Although listed companies have a relatively perfect information disclosure mechanism, it is difficult for ordinary investors to judge their credit ratings, so it is necessary to strengthen the credit ratings of securities companies and listed companies. It is suggested that the scope of securities credit rating includes not only bonds, but also stocks and funds. Credit rating should be given not only to bond issuing enterprises, but also to securities companies, listed companies and fund management companies.
(4) Establish credit rating industry associations, and the government and securities regulatory authorities will increase their support for securities credit rating agencies. The main tasks of the Securities Credit Rating Industry Association are to establish relevant professional industry standards and norms, strengthen industry self-discipline management, promote international and domestic industry exchanges, carry out personnel training, organize and carry out theoretical research on securities credit rating, and promote industry development. In addition, the government and securities regulatory authorities should also pay attention to supporting the development of securities credit rating industry, focus on cultivating national rating agencies, guide the cross-regional development of rating business, and break the regional division of rating business.