Well, such a mechanism would indeed reduce raters’ negative incentives to compete with one another to please issuers of securities, and to pursue innovations and improvements that enable raters to serve issuers better. But it would strengthen raters’ positive incentives to compete with one another to produce accurate ratings, and to pursue innovations and improvements that enable raters to achieve that far more socially beneficial goal.
没错，这样一种机制肯定会损害评级机构相互竞争取悦债券发行方的消极意愿、致令其无法通过追求创新和改革更好地为发行方服务。 但它却可以强化评级机构相互竞争得出准确评级结果的积极意愿，并鼓励它们追求能实现积极社会目标的创新和改革。