美国信用评级机构利益冲突的规制研究

Study on U.S.Credit Rating Agencies Regulation of Interest Conflict

利益冲突被认为是信用评级机构失去中立性和丧失预警功能的重要原因之一,从现有的信用评级机构的运行模式来看,利益冲突广泛存在于信用评级机构和评级分析师两个层面。次贷危机发生之后,美国的监管部门不断地修改现有法律,并发布一些监管条例,试图控制利益冲突对评级结果的影响。信用评级机构也通过内部规则和程序治理利益冲突。

Interest conflict is considered to be one of the important reasons for credit rating agencies to violate independence and lose early warning function.Viewed from the current operation modes in credit rating agencies,interest conflict is found to be in two respects： the credit rating agencies and rating analysts.After sub-prime crisis,U.S.regulators continued to modify existing laws,and published a number of regulations,trying to control the impact of interest conflicts on the rating results.Credit rating agencies have attempted to govern interest conflict through internal rules and procedures.