“发行方付费”模式下的信用评级法律迷局解析

The Interpretation of the Legal Puzzle Concerning Credit Rating under the Model of Paid-by-the-Issuers

信用评级机构在次贷产品评级中,丧失独立公正,其根本原因在于其"发行方付费"的收费模式。在"发行方付费"模式下,信用评级机构丧失了"投资者付费"模式下的声誉资本约束。危机后的改革并没有触动"发行方付费"模式。审视资本市场中的信用评级机构,发现其具有中介机构和准监管机构的性质,信用评级报告不再是一种媒体观点而是一种专家意见。因此,信用评级机构与发行方之间应是承揽合同关系,信用评级机构对投资者负有信赖义务,承担专家责任。

The credit rating-agencies have lost independence and justice in the sub-credit products,the fundamental reason for which is the＇paid-by-the-issuers＇ model,under which credit rating-agencies have lost the restrain of reputational capital that exists in the model of being paid by the investors.The reforms after the financial crisis have not broken the original model of being paid by the issuers.After observing the credit rating-agencies in capital market and exploiting their natures of intermediary institution and quasi-supervisory institution,it＇s certain that the report of credit rating is not the opinion of press,but the perspectives of specialists.Thus the relationship between the rating-agencies and the issuers is a contract of work.The rating-agencies are obligated to be relied upon by the investors and they are to exercise professional responsibility.