后金融危机下我国资信评级机构法律规制的完善

The Perfection of Legal Regulation of Chinese Credit Rating Agencies in Post Financial Crisis Era

一度被奉为投资者利益的"守护神"和资本市场的"看门人"的资信评级机构,在美国次贷危机的爆发中推波助澜,引起了人们对其规制立法的重新思考。对于尚未成熟的中国评级行业,借鉴此次危机的教训,规范行业运行,保障我国金融健康稳定发展势在必行。应该把握我国资信评级机构的发展现实,秉持发展与监管并重以及评级公正、客观与独立的理念,梳理与制定相关法律,构建和完善市场准入和退出机制、监管模式与收费机制、信息披露与利益冲突规避机制以及法律责任机制等具体的序列化、层次化的制度设计。

Credit rating agencies,once favored as ＇the patron saint＇ of investors and ＇the guardian＇ of capital market,contributed to the US subprime lending crisis.For Chinese rating industry,it is essential that they learn a lesson from the crisis.Under such circumstances,this paper proposes that,based on the realities of China＇s credit rating,guided by the ideals of placing stress on both development and supervision,and of justice,objectivity and independence,existing laws and rules should be reexamined and some established,and hierarchical system design such as market entry and exit mechanism,supervision and charge model,press release model and interest conflict evasion model,etc.should be built up and perfected.