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題名：對信用評等機構應有規範之比較研究
書刊名：國立臺灣大學法學論叢
作者：莊永丞 引用關係
作者(外文)：Chuang, Yung-cheng
出版日期：2011
卷期：40:4
頁次：頁2249-2321
主題關鍵詞：信用評等；信用評等機構；證券詐欺；效率資本市場；獨立性；問責機制；利益衝突；資訊不對稱；重大性；Credit rating；Credit rating agencies；Fraud；Capital market；Asymmetric information；Conflict of interest；Independence；Accountability；Materiality；Financial market
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(5) 博士論文(1) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:5
  • 共同引用共同引用:15
  • 點閱點閱:106
信評機構的獨立性不足，發行人付費乃為主要原因。若能正本清源，徹底根除利益衝突問題，其他的規範難題均能迎刃而解。因此，本文建議，由財團法人證券投資人及期貨交易人保護中心作為支付評等機構報酬之仲介者，使得信用評等機構成為「買方」的信評機構，發行人不再支付報酬予信用評等機構。至於規範我國信評機構法制的手段或方法，應採取揭露基準模式，始能貫徹信評法制之立法目的─投資人不過份信賴評等，而應自行為理性評估及判斷投資風險後，作成充分資訊的投資決定。雙管齊下，定能收立竿見影之效。
Inaccurate credit ratings are caused in large part by the ”issuer pays” system, in which the credit ratings agencies (CRAs) are paid by the parties, whose products are being evaluated, thus creating an obvious conflict of interest. In order to resolve this problem in Taiwan, this paper argues that the Securities and Futures Investors Protection Center should become an intermediary between the issuer and CRAs, whereby issuers of securities pay the Securities and Futures Investors Protection Center for choosing CRAs. Although many scholars have suggested the CRAs should be subject to liability for bad ratings, yet this paper still proposes disclosure-based regulation to increase CRAs disclosure because liability systems are overly complicated and ineffective in deterring bad ratings.
期刊論文
1.Schwarcz, Steven L.(2002)。Private Ordering of Public Markets: The Rating Agency Paradox。University of Illinois Law Review，2002，1-28。  new window
2.Hill, C. A.(2004)。Regulating the rating agencies。Washington University Law Quarterly，82(1)，43-94。  new window
3.Partnoy, Frank(1999)。The Siskel and Ebert of Financial Markets?: Two Thumbs Down for the Credit Rating Agencies。Washington University Law Quarterly，77(3)，619-715。  new window
4.詹儒樺(20090800)。重建信用評等機構管理制度之研究。全國律師，13(8)，60-69。  延伸查詢new window
5.莊永丞(20020600)。論證券交易法第二十條證券詐欺損害賠償責任之因果關係。中原財經法學，8，147-183。new window  延伸查詢new window
6.European Commission(2009)。Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies.。Official Journal of the European Union \url\http://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:2009:302:SOM:EN:HTML $d20111006，302(52)，1-31。  new window
7.Freeman, L.(2009)。Who’s guarding the gate? Credit-rating agency liability as “control person” in the subprime credit crisis.。Vermont Law Review，33(3)，585-619。  new window
8.Hill, C. A.(2010)。Why did rating agencies do such a bad job rating subprime securities。University of Pittsburgh Law Review，77(3)，585-608。  new window
9.Hosp, F. P.(2010)。Problems and reforms in mortgage-backed securities: Handicapping the credit rating agencies.。Mississippi Law Journal，79(4)，531-575。  new window
10.Hunt, J. P.(2009)。Credit rating agencies and the “worldwide credit crisis”: The limits of reputation, the insufficiency of reform, and a proposal for improvement.。Columbia Business Law Review，2009(1)，109-209。  new window
11.Justensen, P. J.(2009)。Ratings recall: Will new reform proposals make lasting impact?。The Journal of Corporation Law，55(1)，193-213。  new window
12.Krebs, J. D.(2009)。The rating agencies: Where we have been and where do we go from here?。Journal of Business, Entrepreneurship and the Law，3，133-163。  new window
13.Listokin, Y.、Taibleson, B.(2010)。If you misrate, then you lose: Improving credit rating accuracy through incentive compensation.。Yale Journal on Regulation，27(1)，91-113。  new window
14.Lynch, T. E.(2009)。Deeply and persistently conflicted: Credit rating agencies in the current regulatory environment.。Case Western Reserve Law Review，59(2)，227-304。  new window
15.Mulligan, C. M.(2009)。From AAA to F: How the credit rating agencies failed America and what can be done to protect investors.。Boston College Law Review，50(4)，1275-1305。  new window
16.Yao-amng Lee(2008)。國信用評等機構法制建構之研究：兼論我國法相關規定之檢討。法學新論 \ Journal of New Perspectives on Law，2，119-149。  延伸查詢new window
17.Arnold, A. L.(2009)。Rating agencies: Future outlook.。Mortgage and Real Estate Executives Report，41(22)，1-2。  new window
18.Bunjevac, T. A.(2009)。Credit rating agencies: A regulatory challenge ior Australia.。Melbourne University Law Review，33(1)，39-67。  new window
19.Choi, S. J.(2004)。A framework for the regulation of securities market intermediaries。Berkeley Business Law Journal，1(1)，45-82。  new window
20.Rousseau, S.(2006)。Enhancing the accountability of credit rating agencies: The case for a disclosure-based approach.。McGill Law Journal，51(4)，617-664。  new window
21.Schwarcz, S. L.(2004)。Rethinking the disclosure paradigm in a world of complexity。University of Illinois Law Review，2004，1。  new window
22.Schwarcz, S. L.(2008)。Protecting financial markets: Lessons from the subprime mortgage meltdown。Minnesota Law Review，93(2)，373-406。  new window
圖書
1.Bainbrïdge, Stephen M.(1999)。Securities law: Insider trading.。Saint Paul：Foundation Press。  new window
2.Coffee, John C. Jr.(2006)。Gatekeepers: The Professions and Corporate Governance。Oxford University Press。  new window
3.Len-Yu Liu(2000)。公司法理論與判決研究。台北。  延伸查詢new window
4.Choi, S. J.、Pritchard, A.C.(2008)。Securities regulation: Essentials。New York。  new window
5.Coffee, J. C., Jr.、Seligman, J.、Sale, H. A.(2007)。Securities regulation: Cases and materials .。New York。  new window
其他
1.Commission of the European Communities(2008)。Proposal for a Regulation of the European Parliament and of the Council on Credit Rating Agencies (COM(2008) 704 final).。  new window
2.Darcy, D.(2009)。Credit rating agencies and the credit crisis: How the “issuer pays” conflict contributed and what regulators might do about it.。  new window
3.European Commission(2010)。Proposal of a Regulation of the European Parliament and of the Council on Amending Regulation (EC) No 1060/2009 on Credit Rating Agencie (COM(2010) 289 final).。  new window
4.European Commission(2009)。European Parliament Legislative Resolution of 23 April 2009 on the Proposal for a Regulation of the European Parliament and of the Council on Credit Rating Agencies (P6_TA(2009)0279).。  new window
5.Bradley, C.(2009)。Rhetoric and the regulation of the global financial markets in a time of crisis: The regulation of credit ratings。  new window
6.Partnoy, F.(2001)。The paradox of credit ratings.。  new window
7.Partnoy, F.(2009)。Rethinking regulation of credit rating agencies: An institutional investor perspective。  new window
8.Reiss, D. J.(2009)。Rating agencies: Facilitators of predatory lending in the subprime market。  new window
9.Standard & Poor’s(2006)。Guide to S&P structured product ratings，Melbourne。  new window
10.Tuch, A.(2010)。Multiple gatekeepers。  new window
11.U.S. Securities and Exchange Commission(2003)。Report on the role and function of credit rating agencies in the operation of securities markets，http://www.sec.gov/news/studies/credratingreport0103.pdf.。  new window
12.U.S. Securities and Exchange. Commission(2011)。Annual report on nationally recognized statistical rating organizations。  new window
 
 
 
 
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