国际信用评级机构的私人规制及其权能分析

International Credit Rating Agencies’ Private Regulation and the Source of Regulatory Authority

美国国际信用评级机构在全球金融市场中对主权机构和非主权机构进行信用评级并发布信用评级信息。随着美国金融业在全球的扩张,美国三大信用评级机构通过信用评级影响到金融产品设计标准、规制全球资本流动,从而获得了私人规制权能。评级机构私人规制的权能源自其在国际金融市场架构中扮演的结构性角色,且这一架构是美国金融系统全球扩张的产物。在国际金融治理体系变革中,中国作为一支重要力量,应该采取相应措施,为构建更加公正、合理的国际金融秩序贡献中国智慧。

International credit rating agencies assess the credit worthiness of sovereign and non-sovereign institutions and publish credit information of these institutions as well as their debt products. With the internationalization of the U.S. financial market, the biggest three U.S. credit rating agencies perform transnational standardization in the bond market, and they regulate the capital flow globally. These three rating agencies are equipped with the authority of private regulation in the international financial market. The authority of the rating agencies rests in the structural role the rating agencies play in the international financial architecture, and this architecture is a product of the internationalization of the U.S. financial system. China is an important actor in international financial governance, and China could adopt various measures in contributing to a more equitable and reasonable order of international financial governance.