学术型研究生学位论文范本.docx

1、学术型研究生学位论文范本学校代码:10357学 号:ZSK0803063密 级: 论国际信用评级机构的问责机制On the Accountability Mechanism for the International Credit Rating Agencies姓 名张筱玮学科专业法学 国际法学 研究方向国际经济法指导教师徐淑萍教授完成时间2013年2月目 录摘 要 IAbstract III引 言 1一、国际信用评级机构问责机制存在的问题 2 （一）国际信用评级机构的市场格局 2 （二）国际信用评级机构及评级报告的法律性质 3 （三）国际信用评级制度的现存问题 5 （四）评级机构问责机制不健

2、全的后果 9二、国际信用评级机构的内部管理制度 12 （一）义务主体 12 （二）义务内容 12 （三）回避制度 16三、国际信用评级机构的外部监督机制 19 （一）国际信用评级机构认证制度 19 （二）国际组织监管规则 24四、国际信用评级机构的责任追究 28 （一）国内追诉机制 28 （二）国际救济措施 32结 论 35参考文献 36致 谢 41攻读硕士学位期间发表的学术论文目录 42摘 要一场次贷危机使信用评级机构名誉扫地，如今欧洲深陷主权债务危机，其导火索也因美国三大信用评级机构相继调低希腊的主权信用评级。信用评级机构是一个将资本与社会信用相挂钩的社会服务机构，作为一个第三方组织，其具

3、有独立性、客观性、专门性；信用评级结果具有外观性、公共产品的特性。信用评级机构除了涉及资本证券评级、借贷企业评级、相关金融机构评级、资产证券化评级等业务外，还对国家的还贷能力及愿望打分。综上可以得出信用评级机构对维护国家金融安全具有重要作用，它的权威性直接体现了一国的金融话语权，进而影响着一国的综合国力和国际竞争力。而且在它发挥强大功能的同时也存有潜在风险性。因此研究该机构的法律性质及其权责具有积极的现实指导意义，各国都在加紧完善和构建属于自己的信用评级体系。目前国际信用评级机构的问责机制存在诸多问题。美国三大评级机构（穆迪、标准普尔、惠誉）占据世界市场的绝对垄断地位；人们对于评级机构及其评级

4、报告的法律性质定位不清；评级标准不统一、监管不力、救济难等等，这使得信用评级获取了高额的垄断利润；评级机构与评级对象之间存在激烈的利益冲突；评级机构权重责轻、评级结果有失公允，评级预警功能完全丧失，评级机构的声誉收到严重打击。据此，要想扭转局面，重塑信用评级机构的公信力，匡正其功能价值必须从内部和外部两个方面予以改革和完善。此举也将为我国信用评级业的发展扫清制度障碍。在内部方面首先应当明确信用评级机构及其评级报告的法律属性，在此基础上合理规范其权利与义务。这一点普遍并无异议，而对于究竟应如何界定尚存争议。但不可否认，在其义务内容中尤为重要的便是专家义务及信息披露义务的制定与履行。这一方面关系到

5、评级公司的声誉与信誉；另一方面也关系到评级报告的权威性和可信赖性。与此同时，还应在评级机构和受评对象、评级分析师和评级销售者之间建立回避制度，以进一步防范利益冲突、扩大透明度。在建立健全信用评级机构的外部监督机制方面，要从市场准入、注册登记、监督检查等三个环节对信用评级机构的资质和业务能力进行筛选。对于此，信评发达国家无疑要先行一步，2007年在北美大陆燃烧起来的金融危机迫使它们作出迅速而有力的反应。经验上的积累和矛盾的激化得以让研究成果暂快速转化为行动指南，但揠苗助长的过程中必然存在着不成熟和不稳定的因素，因而我们在学习和运用时不能忘记本国国情和事物发展的科学规律，不能不负责任的直接“拿来”

6、。此外，以期借鉴团体组织会员制运作模式的长处来建立国际信用评级机构的统一国际监管组织，从会员权利上对信用评级机构予以利益疏导管理。最后，利用双轨制的责任追究方式来完善国际信用评级机构的问责机制，即国内法追诉作为首要选择发挥主力作用，并适时推进国际权威争端解决机构的筹备与建设。在职能安排与制度设计的具体内容方面，不仅要研究其他国家的先进实践成果，更要拓宽视野，从相邻产业和优秀国际组织的细微之处发现可以援引的成功经验，展现出朝阳产业理应具备的革命力。关键词：信用评级 问责机制 监管 Abstract A subprime mortgage crisis discredited the credit

7、 rating agencies. Currently, the Europe is bogged down in the sovereign debt crisis. The main reason is that the Greeces sovereign credit rating has been downgraded by three major U.S. credit rating agencies. The credit rating agencies are a kind of social service agency which gets capital and socia

8、l credit linked. As a third-party organization, the credit rating agencies are independent, objective and specialized. Consequently, credit rating results have the characteristics of appearance and public goods. The credit rating agencies not only deal with the ratings for capital securities, borrow

9、ing enterprise credit, the relevant financial institutions and asset securitization, but also judge countrys repayment ability and desire. Based on the above analysis, it can be concluded that the credit rating agencies are of great importance in maintaining the countrys financial security. The auth

10、ority of credit rating agencies directly reflects the countrys discourse power in finance, which further affects the countrys comprehensive national strength and international competitiveness. However, the credit rating agencies also possess potential risks. Therefore, to investigate the legal natur

11、e of these agencies and their rights and liabilities is of practical guiding significance. Countries are stepping up improving and building their own credit rating systems. At present, the accountability mechanism of international credit rating agencies has shortcomings. First, the three major ratin

12、g agencies (Moodys, Standard & Poors and Fitch) are in absolute monopoly position in the world market. Another one is that the legal nature of the rating agencies and their ratings report is not well clear. Furthermore, non-unified rating standards, lack of supervision and difficulty in relief, etc.

13、 make the credit rating get high monopoly profits. In addition, between the rating agencies and the objects rated exists fierce conflict of interest. Finally, the rating agencies are powerful but with few liabilities and the rating results they make are likely to be unfair, leading to the complete l

14、oss of warning function of rating as well as a severe blow on the rating agencies reputation. Accordingly, in order to reverse the situation, i.e. to reshape the credibility of the credit rating agencies and remedy their function, it is essential to reform from both internal and external, which also

15、 will remove the institutional obstacles from developing Chinas credit rating industry. From the internal aspect, the legal nature of the credit rating agencies and their rating reports should be specified, and then the credit rating agencies should be regulated in terms of rights and liabilities. T

16、he above is well acknowledged, but how to define is disputed. Whatever, it is sure that the formulation and implementation of the expert liability and disclosure liability are of great significance among liabilities, because it is related to both the reputation and credibility of the rating agencies and the authority and trustworthiness of the rating reports. Meanwhil