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民族工业的现状和发展The present situation and development of national industry 这是一篇美国的Eassy.主题是世界各民族工业的现状与发展，可供大家参考一下！ 1909年美国约翰·穆迪在铁路投资分析中,首次使用债券的评级方法对各种铁路进行了分析。其次是标准普尔出版公司、标准统计和惠誉公司在1922年和1924年之后开始运用工业证券评级。因为证券评级在30年代经济危机中保护了投资者的利益最大化,美国金融监管当局开始在资产评估、银行监管和其他方面引入评级分类方法。自70年代以来,企业财务状况继续恶化,并导致投资风险的增加,这些大大提高投资者投资对情报分析的需要,所有这些需求促进了证券评级体系的发展。 根据商法条例，评级机构隶属于通用有限公司。证券交易委员会的地位是“评级机构的地位应该由投资者确认，政府不应去干预，不去限制任何方法”。为了确保评级的公正性，坚持为投资者提供准确的信息，评级机构自身的独立性和中立性就最为重要。 美国证券评级系统The securities rating system of the United States In 1909 the United States John moody in the railway investment analysis, for the first time, using the method of rating of the various railway bonds is analyzed. Followed by s&p publishing company, standard statistical and fitch company in 1922 and 1924 after first began to industrial securities. Because the securities rating in the 30 s to protect the interests of the investors in big economic crisis, the U.S. financial regulatory authorities began in the assets evaluation, banking regulation and other aspects of the introduction of the rating classification method. Since the 70 s, the enterprise financial situation continued to deteriorate, and the resulting in the increase of investment risk, and greatly improve the needs of investors to invest in intelligence analysis, so as to promote the development of the securities rating system. According to the regulation of the commercial law, the rating agencies belong to general co., LTD. The securities and exchange commission's position is "the status of the rating agencies should be confirmed by the investors, the government may not intervene, not to limit any means". In order to guarantee the impartiality of the rating, adhere to "provide investors with accurate information", its own independence and neutrality are of the utmost importance ratings agencies. Do this for investors to avoid risk, to protect their own interests; For issuers, the preferential benefit according to the condition of rapid implementation, and provided within the broader financing may; For regulators, helps to identify to the implementation of the regulation, improve the efficiency of supervision; And for the society, can reduce information cost, improve the efficiency of securities market, realize reasonable allocation of resources. From the above the securities rating path choice of the institutional arrangement and institutional change, the development of the rating system is more affected by the investors. Investigate its reason, mainly is the enterprise of direct financing dependence than indirect financing. First, the legal restrictions on bank's development. 1933 "glass • steger, act and releasing the banking act of 1935, marks the end of free banking system. Investment banking and commercial banking legal separation, at the same time, commercial Banks pay interest on demand deposits, and restrictions on interest rates and Banks buy and sell securities seriously affect the bank's profit situation. In addition, U.S. law limits the operation of the Banks across the country and branches in other states of operation must be approved by the state government. Only 2.6 in 1984, the average American bank branches. With big companies operating across the country and even multinational corporations, compared to the strength of the regional Banks tend to be relatively weak. So big company in financing must be looking for several regional Banks in the financial markets, or with the method of direct financing. Rating, and according to the enterprise public information has many Banks offer an important investment information, thereby significantly reducing the cost of bank repeated collect and process information. On the other hand, is a full development of the stock market. In the United States, the main body of the capital market is the enterprise long-term bonds and stocks, government bonds accounted for only about 10%. In this market, the enterprise to provide information about its own limited, all kinds of investors through the analysis of the information, choose good enterprise as the object of the investment benefit, and through the effective market discipline mechanism to ensure the realization of this kind of contractual relationship. The urgent need of investors to invest in intelligence analysis to promote the development of the rating system and perfect. In addition, when the famous big companies to raise long-term funds, often through intermediaries to investment Banks. But 1933 is underwritten by securities laws prohibiting securities industry to rating of securities, and thus stimulates the investment bank, the demand for rating. With America's free enterprise system and, therefore, relatively weak fact relations, American securities rating system arises at the historic moment, and continue to grow stronger. 德国股价评级系统Germany's stock rating system In Germany there is no specific rating agencies, the cause of this phenomenon is also closely related to economic system internal institutional arrangements. Out of consideration for the purpose of this article, the following will only after the second world war to investigates the former federal republic of Germany in the early 90 s. 1. Bank of totipotency is dominant in the financial system. Is Germany's social market economy system, its guiding ideology is to build a have a legal guarantee of economic freedom and has a complex of social security of the welfare state. Here, Banks and enterprises is the same as independent parties to enter the market, the Banks and governments at all levels only through indirect intervention enact related laws and regulations. But relatively weak argues relations with the United States, Germany by the integrated banking system in the history of bank equity operations and personnel arrangement, the implementation of the supervision and control of industrial and commercial enterprise. The mechanism of concrete arrangement is as follows: Financing form investment fund investors and managed by investment companies, fund investors and investment company contract is a kind of contractual relationship between the. The company by several Banks holding commonly, of which is the true trustee of investors holding bank. According to the regulation of investment banking, the bank can take advantage of the investment fund shares held by the representation of the shareholders' meeting to vote. Argues with the United States, based on market credit relationship between compared to the Banks to participate in the enterprise internal management way of monitoring, more conducive to accurately grasp the enterprise's internal information, and lower cost, thus make the rating system lost its economic feasibility. German law allows commercial Banks to go beyond the usual bank savings, credit, exchange and settlement, the scope of their functions and powers in the securities market, etc. All of the investment and financing business. And enterprises are also very willing to stocks and bonds issued by the company to make decision on bank underwriting, so on the one hand, Banks can through the investment fund to buy bonds issued by companies, guarantee funds in place quickly; Banks by buying or selling, on the other hand, enterprises in the secondary market for securities, can make the company stock has good market image. The bank in the bond market at the same time as the double identity of issuers and investors, make to "provide investors with accurate information" for the purpose of the rating agencies lost the necessity of its existence. 2. Private enterprises to issue bonds is restricted. Entering the securities market financing is not restricted in principle, but it was not until the end of 1990, according to the regulation of the German civil law, in addition to the federal government, state, and federal railway administration, the federal post office and "burden balance fund", other borrowers to issue bearer bonds and registered bonds are subject to official approval. Since the 70 s, German industrial bond issuance dropped sharply. Corporate debt scale reduced year by year is also an important cause of the rating lack of demand. 3. Don't want to open information of traditional enterprises. European companies are different from American companies, generally not willing publicly to its information, for those who require companies to open its information means of financing, often not to choose. In Germany, many of big companies are Cousins, they are less likely to expose the secret business information to outside. Therefore depends on the principle of public information american-style rating can't be here. #p#分页标题#e# 日本股价评级系统Japan's stock rating system The development of Japan's rating system can be roughly divided into two phases: the first stage, the issue will be the rating. In Japan in 1947 established the adjustment will bond issuance, unified decided to all kinds of the issue of bonds issuing conditions and interest rates. After 1959, debt issuance will start on bond rating, the original is divided into A, B, C three levels, mainly inspects capital, net assets, such as debt balance index reflecting the condition of scale. Into the 60 s, Japan's rating system by notice to pay attention to the quality, scale indicator set has become increasingly perfect, level classification has also made some adjustments by reference to the United States rating system. The second stage, with reference to the American model set up specialized agencies. In 1979, the Japanese economic news reads the commune bond research institute in Japan of ratings, and in 1981 set up the credit rating agency. From 1985 to 1986, Japan's credit rating company and Japan's investors service companies are set up. Below, still looking for Japan from the economic system internal rating system arrangement. Postwar Japan, government should set up the market economy system, emphasizes the technical state, in order to obtain the benefits of world trade liberalization. The government to formulate a policy has to support export competitiveness of the industry, to promote the improvement of the economic structure and industrial upgrading. And an important part of financial support and support system, and thus established on the basis of the host banking system relations of fact. Because the industry is highly dependent on capital for lending capital, promote the fusion of the Banks monopoly capital and the capital of commerce and industry, and further form the bank as the core of enterprise group. In these groups, industry and commerce enterprise holding each other, at the same time also to the bank, but only small shareholders of the bank. The post-war Japan's financial markets, on the other hand, under the strict control of the government. The government didn't allow individuals and non-financial institutions to participate in the market and the current bill discount loan market, strict regulations, interest payments, each bond issuance total minimum and validity, etc. So the smaller size of financial markets, although the primary market is active, the secondary market is relatively sluggish. In the government's strong support of the Japanese fact relations, caused the bank's role in Japan's economy significantly, while the role of the securities market is relatively weak. And the bank of Japan can also play the role of deutsche bank in fact relations, although as mentioned above, the German close fact relationship is established on the basis of the free market economy. It also explains why Japan is not the United States at this stage in the sense of the rating agencies, despite the debt, but its aim is to adjust the issuance and decided to release conditions, essence is to serve the government's financial policy. After entering the 80 s, Japan's economic system has changed dramatically. With the increase of its own funds, big companies began to sharply reduce the dependence on the bank borrowing, more by foreign securities financing. While the Japanese financial market liberalization and accelerating of internationalization, for the internationalization of Japanese companies and foreign capital to enter Japan. As Japanese companies enter the European and American markets and increase in the number of foreign companies to enter the Japanese market financing, modelled on the American model special requirements of rating agencies are increasingly intense, and eventually lead to the emergence of Japan's current rating agencies. From the above comparison of national securities rating system, a country's rating system and its specific implementation mode, is closely related to the fact relations in the country's economic system. Furthermore, it is by the country's economic development period of the specific condition of resource configuration. In general, in fact relations is relatively weak, the enterprise is given priority to with direct financing of the financial system, the demand for rating is stronger, the system design, represented by the United States; If it is close to the fact, corporate financing is given priority to with indirect way, the demand for rating is insufficient, the on behalf of the state is Germany and Japan before the 80 s. In addition, the first choice of path of institutional changes also affect the current institutional arrangements, has quite a few discuss about this. 民族工业的现状与发展The current situation and development of the industry Now securities rating began in the 80 s, when many in internal rating of the people's bank of provincial committee, they accept at the provincial level in business management and supervision of the people's bank of affiliated people's bank of China on the administration. In 1987, is now the first local rating agency, independent of the banking system of the far east credit rating company set up in Shanghai. In October 1992, subject to approval of the people's bank of now, the first national securities agencies - now credit securities evaluation co., LTD. Was set up. At present, the credit rating agency now has grown to more than 40, throughout the country more than 20 provinces and cities. According to its degree of independence can be roughly divided into two categories: the first is the banking system of the rating agencies, including the affiliated in the people's bank, specialized Banks established professional rating agencies, Banks themselves rating agencies and rating business directly professional branch, etc. The second type is relatively independent, or completely independent rating agencies. Now industry has a certain degree of development, but there are still some problems at present stage, is mainly insufficient market demand, a lack of authority, a rating agency, and it has established rating program administrative colour is too strong. These problems are also is closely connected with characteristic of the economic system at the present stage now. The reasons are as follows: 1. Special fact relationship. Since the reform and opening, now to develop in the direction of market-oriented, diversified financial assets, but the body is still a deposit and lending Banks and financial institutions. 1995 Banks and financial institutions deposit and lending accounted for 83% of the total financial assets. Enterprise is therefore difficult to direct financing through the issuance of bonds, stocks, etc, to obtain funds to Banks and financial institutions can only be more loans, bank loans become a main channel of enterprise financing source. However this close fact relationship does not make the Banks now like Japanese and German Banks, supervision and control of enterprise operation and management. This is because: first, the state-owned large and medium-sized enterprises to the bank now excessive debt, make the enterprise in a principal-agent relationship with the bank agent in a strong position, companies to adopt a variety of ways to obtain bank credit funds, and serious information asymmetry, make it hard for Banks to make an accurate evaluation of enterprise, so that the quality of bank loans. Second, in is under the traditional planned economy system, the bank is more, as the subsidiary departments, material production department for the production units to complete the accounting and billing, etc. This traditional makes the bank now, in the process of transformation of commercial Banks to hard to play the influence to the enterprise operation and management. 2. The government's plan of the securities market regulation. All kinds of securities issuing from the overall to the issuance of the specific selection of listed companies, are in the planning framework through administrative allocation manner. And tradable corporate bonds, CP and ABS did not form a stable and open market, even common stock and convertible corporate bonds on the variety or quantity has been restricted. Now the development of the securities market, therefore, to some extent been artificially limit, although already started but far from the perfect degree of the rating required by the United States. In addition, is now the biggest problem of the corporate bond market is the schedule of many enterprises not servicing, as a result of these corporate bonds issued by the bank guarantee, so the bank had to for enterprise paying debt money first. It also seriously affected the development of corporate bond market, which restricts the development of the industry now. The government's strict control of the banking system. Now in January 1997 the people's bank of China announced on commercial bank asset liability ratio management and risk management assets, prior to that, the central bank has been through the prescriptive lending credit plans to control the banking system, greatly limit the commercial bank as a relatively independent market main body to pursue their own interests. Now Banks, meanwhile, commercial Banks are prohibited by laws about decentralized management, and to the regulation of non-bank financial institutions and enterprises investment, and regional segmentation of macroeconomic management, also greatly weakened the role of commercial bank management in the company, make the bank is enterprise's biggest creditors, but not like Germany and Japan in the strict and effective supervision and control. #p#分页标题#e# Now can be seen from the above analysis, in view of the current economic system and the fact relations with western countries, simply copying other countries rating system model obviously doesn't work. Rating system as an important part of the financial regulatory system, its content and form depends largely on the macro financial system as a whole the institutional arrangements and policy choices. Now at present, in the period of economic transition in the process of transformation from planned economy to market economy, the government plays an important role. The banking sector increasingly stringent regulations and to actively expand the direct financing channel, is now on the policy choice more inclined to build an almost mode of financial system in the United States. Now, therefore, the development of the industry orientation should be both can satisfy the current market demand for rating, and in the future with the lowest cost in the process of system change, and ultimately in highly market-oriented financial system stable benign mechanism. 总结 conclution Therefore, the current policy choice should be a possible reality, give full play to the role of the existing banking system the rating agencies, rating to open an account in bank of industrial and commercial enterprises; And under the condition of the securities market is not perfect, a modest increase in the bank in the management of the company influence, this will help to reduce the bank's credit risk and agent cost. As enterprise, perfect the market mechanism and government function and reach the designated position, financial markets will gradually mature, the rating agencies should be in accordance with the standards of the industry, independent, in site for investors to provide accurate information, thus reducing information cost, guide the reasonable flow of resources, ensure high efficiency of securities market and the financing of the company's effective regulation. 参考文献References Books 1)Reiner Kraakman, Henry Hansmann, Paul L. 2)Davies, Klaus Hopt, Gerard Hertig, Hideki Kanda, The Anatomy of Corporate Law (OUP 2004) 3)David Kershaw, Company Law in Context (OUP, Oxford 2009) Articles 1)LCB Gower, 'Some Contrasts between British and American Corporation Law' (1956) 69(8) Harvard Law Review 1369 2)A Comparative Bibliography: Regulatory Competition on Corporate Law 3)The Samuel and Ronnie Heyman Center on Corporate Governance Benjamin N. Cardozo School of Law 4)The Delaware Journal of Corporate Law 5)International Financial Law Review |
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