Don't be obsessed with intermediary justice is just a legend

Economic Herald commentator Lan Hengmin we call the intermediary, not the housing business intermediary, nor marriage intermediary, these intermediaries only involve a small number of people's interests. What we are talking about here is the intermediary of the capital market, including international credit rating agencies and Chinese stock issuing accounting firms, law firms, brokerages and so on.　　Their intermediary behavior is related to the interests of the vast number of investors. What is the sudden interest in the impartiality of the intermediary? Because during the global financial crisis, the intermediary not only did not play a good "economic watchdog" role, but became ill accomplice.　　Their bad fake behavior has not been fully concerned, not be investigated, but continue to play a "terrible" role. S & P, Moody's and Fitch are the world's three most famous Dingding international rating agencies. Their rating on corporate credit is one of the main bases of investment decisions by investors.　　In the early days of China's reform and opening up, if any Chinese company could be judged by an internationally renowned rating agency, it would be a symbol of identity that would make the Chinese companies evaluated feel flattered.　　But what do these "impartial referees" do? At a congressional hearing on the "financial tsunami" in 2008, a manager at Moody's said, "We sell our souls to the Devil in exchange for money." "Clients (rated) are the food and clothing parents of the three major rating agencies, while the rating agencies charge their clients with rating fees, and on the other hand they provide credit assessments to investors for reference."　　Rating agencies may intentionally give their customers preferential ratings in order to retain large clients, while some customers often choose the institutions that give them the highest rating in order to get a good rating. The mechanism was moved almost intact to China. In order to ensure the quality of listed companies, China's listed companies in the issuance of shares before the company should be guaranteed by the accounting firm's financial health, by law firms to ensure the legality of the operation of the company, by the securities dealers lead the rest of the issue.　　But three of the "intermediary fees" from the issue after the total amount of funding, so the customer can successfully pass the listing, become its ability to get "intermediary fees" the key. Intermediary agencies to do is to find their customers as far as possible shortcomings, so that they can not fake listed ——— so that they do not get a penny of the intermediary costs. Isn't that a joke?　　As a result, a large number of "packaging listed", fake listing on the way out. Therefore, cut off the "thief interest Chain" to become the key to ensure the impartiality of the intermediary ——— since the rating is mainly for investment activities to provide reference, it should be borne by the investors intermediary costs, and investors to investigate the agency's misconduct.　　But given the near impossibility of such a mechanism adjustment, it is particularly important for "regulatory regulators" ——— to oversee intermediaries by management (the SFC, the Ministry of Finance, the Ministry of Justice). If the regulator's people are still corrupt, that's a hopeless one! The former assistant investigator in the Commission's Wang Xiaoshi corruption case is not a good example? Unfortunately, a lot ofFake listings and sporadic corruption cases are exposed, in the public's "sense" and disproportionately ——— should have!