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研究痛批穆迪嫌貧愛富
 作者: Mina Kimes    時間: 2011年08月30日    來源: 財富中文網(wǎng)
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穆迪聲稱其給予不同種類證券的評級是可比的,,而一份新研究指責該機構偏愛給他們帶來更高收入的證券,。
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????幾位教授還分析了不同種類資產(chǎn)的評級升降幾率,,發(fā)現(xiàn)了類似的規(guī)律。五年后,,27%的原定為A級的公司債券遭到降級,,而市政債券和主權債券中這一比例分別只有6%和3%,結(jié)構型產(chǎn)品不出所料仍是表現(xiàn)最差的,,降級率高達53%,。

????穆迪對該研究嗤之以鼻?!拔覀儾徽J同該調(diào)查的方法和結(jié)論,,”穆迪發(fā)言人邁克爾?阿德勒稱,“它試圖得出關于穆迪評級的長期表現(xiàn)和可比性的過于寬泛的結(jié)論,,但過于依賴金融危機造成的評級波動,,而在危機期間穆迪的評級變動正反映了與美國房地產(chǎn)有關的證券的信用史無前例的下降?!?/p>

????結(jié)果性產(chǎn)品在危機期間的表現(xiàn)極差,,但評級機構辯護稱,這些證券當初得分很高是因為它們不夠透明,,難以評估,。研究報告的執(zhí)筆者針鋒相對地指出,如果這種不透明性辯護真的成立,,那抵押貸款或信用卡應收賬款之類的簡單工具,,就沒有理由比包含資產(chǎn)負債表外負債和合成租賃的復雜公司債券更寬大的評級,。可事實是,,結(jié)果性產(chǎn)品獲得的評級通常都更寬大,,無論復雜與否,。

????這幾位教授得出結(jié)論是:評級注水程度與不透明性無關,,倒是與收入有關?!敖Y(jié)構性金融產(chǎn)品帶來的收入遠比金融債券的貢獻大,,而公司債券相比主權債券和市政債券,貢獻的收入又多了不少,,”他們寫道,。

????三大評級機構的商業(yè)模式本就飽受批評——債券發(fā)行者付錢獲得評級,有利益沖突之嫌,,本研究再度凸顯了這一問題,。盡管幾位教授并未直接指控評級機構根據(jù)收錢多少決定評級,但其言下之意再清晰不過:財大氣粗的發(fā)行者獲得的評級更寬松,。

????關于市政債券是否終于獲得了公允評級,,科爾納賈稱,現(xiàn)在判斷還為時過早,。但他指出,,評級機構的商業(yè)模式并未改變,因此促使這些機構給予付費更高的客戶更高評級的動力也仍然存在,。

????評級機構的這種行為對養(yǎng)老金和保險公司等機構投資者的影響最大,,因為它們通常受到限制,只能購買高評級債券,。由于這些投資者可以挑選多種類型資產(chǎn),,他們有理由買入收益率更高的債券——而他們可能不知道這些債券的評級有注水之嫌??茽柤{賈指出,,這造成為政府債券承擔利息的納稅人利益受損。

????作為《多德-弗蘭克法案》(Dodd-Frank Act)的一部分,,美國證券交易委員會(SEC)正在調(diào)查多個與評級機構有關的事項,,其中之一就是標準化問題。SEC已經(jīng)要求評級機構就多個問題作出解釋,,其中就包括“不同種類資產(chǎn)的評級是否可以比較”,。

????穆迪常務董事法里薩?扎林書面回應稱,該機構的評級可用于“比較不同國家和地區(qū),、產(chǎn)業(yè)及資產(chǎn)種類的風險,,從而促進全球范圍內(nèi)資產(chǎn)的高效流動。”

????科爾納賈指出,,他的研究駁斥了該機構的說法,,表明其評級并不統(tǒng)一。他說:“我們揭示了他們所言不實,?!?/p>

????The professors also analyzed the rate at which different types of assets had their ratings downgraded or upgraded and found a similar pattern. After five years, 27% of A-rated corporate bonds were downgraded, versus 6% of municipal bonds and just 3% of sovereign issues. Unsurprisingly, a whopping 53% of CDOs were downgraded.

????Moody's dismisses the research. "We disagree with the study's methods and findings," says Michael Adler, a spokesperson for Moody's. "It attempts to draw broad conclusions about the performance and comparability of Moody's ratings over time by relying disproportionately on ratings volatility stemming from the financial crisis, a period in which Moody's' ratings changes reflected the unprecedented decline in credit quality for U.S. housing related securities."

????When structured products tanked during the crisis, ratings agencies defended the securities' high scores by arguing that they were too opaque to evaluate. The study's authors reject that idea. If the opacity defense were true, they wrote, then simple pools of mortgages or credit card receivables ought to have received less inflated ratings than complex corporate issuers with off-balance sheet debt and synthetic leases. But structured products routinely received more liberal grades, irrespective of their complexity.

????The professors concluded that ratings inflation corresponded not to opacity, but revenue. "Revenues generated from structured finance products are significantly higher than those generated from corporate issuers, which are, in turn, higher than those generated from sovereign issuers and municipalities," they wrote.

????The findings corroborate the theory that the agencies' much-critiqued business model, in which bond sellers pay for their own ratings, poses a conflict of interest. Though the professors don't outright accuse the ratings agencies of running a pay-for-play scheme, the implications are clear: Issuers with bigger pockets received more generous scores.

????Cornaggia says it's too soon to tell if municipal bonds are finally receiving a fair shake. But he points out that the industry's business model is the same. As a result, he says, the impetus that may have induced agencies to plump ratings for higher-paying customers hasn't gone away.

????Such practices impact institutional buyers like pensions and insurers, which are often restricted to buying highly rated debt. Because these investors can shop across assets, they have an incentive to buy bonds with fatter yields--even if, unbeknownst to them, those bonds' ratings were inflated. As a result, Cornaggia says, taxpayers, who pay out interest rates on public bonds, suffered.

????As part of the Dodd-Frank Act, the SEC is looking at a number of topics related to the ratings agencies, one of which is standardization. The SEC posted a request for comments that asked, amongst other things, whether ratings were "comparable across asset classes."

????Farisa Zarin, a managing director at Moody's, wrote in response that the agency's ratings are used "to compare risk across jurisdictions, industries and asset classes, thereby facilitating the efficient flow of capital worldwide."

????Cornaggia says his study refutes the agency's claim that its ratings are universal. "What we've shown is that's not the case," he says.







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最佳評論

@關子臨: 自信也許會壓倒聰明,,演技的好壞也許會壓倒腦力的強弱,,好領導就是循循善誘的人,不獨裁,,而有見地,,能讓人心悅誠服。    參加討論>>
@DuoDuopa:彼得原理,,是美國學者勞倫斯彼得在對組織中人員晉升的相關現(xiàn)象研究后得出的一個結(jié)論:在各種組織中,,由于習慣于對在某個等級上稱職的人員進行晉升提拔,因而雇員總是趨向于晉升到其不稱職的地位,。    參加討論>>
@Bruce的森林:正念,,應該可以解釋為專注當下的事情,而不去想過去這件事是怎么做的,,這件事將來會怎樣,。一方面,這種理念可以幫助員工排除雜念,,把注意力集中在工作本身,,減少壓力,提高創(chuàng)造力,。另一方面,,這不失為提高員工工作效率的好方法??赡芎笳呤歉鞔驜OSS們更看重的吧,。    參加討論>>


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