信用评级机构:争议与改革

Credit Rating Agencies:Debate and Reform

针对信用评级机构在"次贷"危机等一系列事件中的非正常表现,从信用评级机构自身的视角对信用评级提供的信息价值、评级结果公正性和问责机制等争议问题进行剖析,得出以下结论:评级程序和信息来源不透明使得评级结果与事实不符,导致评级信息的价值大打折扣,提高评级透明度是大势所趋;发行人付费模式引发的利益冲突使得评级机构的公正性大受质疑,借着评级程序和信息来源的透明化以及禁止利益冲突的相关规定,加强监管,将有助于评级机构控管利益冲突;美国宪法第一修正案中对言论自由的保护使得评级机构免于民事责任,确立评级机构的民事求偿渠道成为未来的法制改革方向。

Considering the abnormal performance of the credit rating agencies in a series of events,e.g.in the ＂subprime＂ crisis,the paper dissects such controversial issues as the value of information in terms of credit rating provided by the credit rating agencies from their own perspectives,the fairness of rating results and accountability mechanisms,etc.Thus,conclusions are drawn that the non-transparency of rating process and rating information sources make the rating results unconfirmed with the facts,which greatly reduces the value of rating information and thus it＇s a general trend to improve the rating transparency;that conflict of interest led by issuer-pay charging model makes the fairness of the rating agencies questioned and thus it＇s useful for the rating agencies to control conflicts of interest with the help of the transparency of rating process and rating information sources and strengthening supervision via the regulations on prohibiting conflicts of interest;and that for that sake of the,transparency of fact that the U.S.Constitution＇s First Amendment protection of free speech make the rating agencies avoid civil liability,it＇s a future legal reform direction to establish a civil claim channel against the rating agencies.