美欧信用评级法律监管的发展及启示

On the Evolution of Credit Rating Agencies in American and Europe

随着经济金融化的加剧,金融业成为许多国家经济发展的重要纽带,而信用评级机构作为金融行业重要的信息中介,其相对客观中立的评价结果成为各国政府和投资者决策的重要依据。但信用评级行业存在的诸多问题,如收费模式导致的利益冲突、市场过度垄断导致的声誉机制失效等,使得信用评级机构在美欧金融市场中屡屡犯错并最终成为众矢之的。2008年次贷金融危机爆发后,美国和欧盟相继出台针对信用评级机构监管改革的法律和措施,针对信用评级行业存在的利益冲突、过度依赖、高度垄断以及民事责任缺乏等问题进行了严格规定。在中国,信用评级已经逐渐在金融业发展中发挥作用,应当吸取美欧对信用评级行业的监管经验和教训,促进中国信用评级行业的健康发展。

With the development of the financial economies,the financial industry becomes the important centre of the development of national economy in many countries,and the CRAs,as the information center of the financial industry,has become the important basis of the investment for the countries and investors. But many problems such as interest conflict rising out of the business model,failing reputation mechanism by the monopoly,make the credit rating agencies as critical targets in the financial markets in American and Europe.2008,after the sub-crime crisis,America and Europe draw up the laws and measures against the CRA,especially in the interest conflict,over reliance,high monopoly and lack of the civil responsibility. In China,the credit rating has become more and more important in the financial industry,and China should absorb experiences from the credit rating industry in America and Europe to promote the healthy development of the Chinese credit rating industry.