后危机时代国际信用评级监管法律制度的重构

The Reconstruction of International Credit Rating Supervisory System after the Crisis

信用评级机构的功能异化助推了本轮国际金融危机的爆发与蔓延,从而引发了立法者和学者对既有的信用评级监管制度的反思。信用评级定位不科学、过度依赖声誉自律、缺乏对利益冲突的规制和监管制度供给不足等问题成为人们的关注焦点。为应对金融危机,各国政府加强了对信用评级机构的监管并开始制定、完善自己的监管立法,包括对原有立法理念的检讨、丰富监管内容和强化国际监管合作等,一系列相关国际、国内立法奠定了信用评级监管法律制度的重构框架。信用评级业尚不发达的中国必须立足国情,借鉴各国的有益经验,建构我国的信用评级监管制度,以保障我国信用评级市场的健康发展。

Functional alienation of credit rating agencies contributed a lot to the outbreak of the international financial crisis,which makes lawmakers and scholars to rethink the existing credit rating legislation and problems therein,including the unsuitable weight put on credit ratings by the authority,the excessive dependence on reputational self-discipline,the insufficient control of conflict of interest and the shortage of supervisory system supply.Many governments and international agencies have been taking steps to enhance the supervision of credit rating agencies in recent years by enacting or improving supervisory legislation,such as reviewing the existing supervisory theory,reconstructing the scope of supervision,and strengthening international cooperation on credit rating agencies regulation.China,whose credit rating industry is still underdeveloped,should set out from national conditions,learn useful experience from other States,establish its own credit rating supervisory system,so as to promote the healthy development of domestic credit rating market.