信用評等機構監理規範之發展與困境：問責基礎與利益衝突_

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題名：	信用評等機構監理規範之發展與困境：問責基礎與利益衝突
書刊名：	國立臺灣大學法學論叢
作者：	汪信君
作者(外文)：	Wang, Hsin-chun
出版日期：	2013
卷期：	42:4
頁次：	頁1333-1385
主題關鍵詞：	信用評等機構；系統性風險；次級房貸危機；問責基礎；利益衝突；Credit rating agency；Systemic risk；Subprime mortgage crisis；Accountability；Conflict of interests
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(3) 博士論文(1) 專書(0) 專書論文(0) 排除自我引用:3 共同引用:5 點閱:77

於金融市場之運作中，信評機構對於受評公司以及投資標的（諸如信用衍生性金融商品以及抵押權擔保證券）所為評等之資訊，不僅對於債券發行人得有助於其籌集資金，亦同時使投資人得大幅省卻分析投資對象之資訊成本。惟當投資人所為投資決定，由於高度信賴信評機構所為評等之情形下，信評結果之正確性以及信評機構與受評對象間所涉及利益衝突之情形，都將進一步導致金融市場的穩定性甚而造成整體系統性風險。以2007年間由次級房貸市場所引發之金融市場危機為例，信評機構皆被認為是此次重大危機之肇因之一。因此於金融風暴後之金融市場監理改革中，美國、歐盟以及國際證券監理組織（IOSCO）皆相繼針對信評機構提出重大監理變革。本文之論述基礎，即建立於信評機構監理制度中所涉及關於問責基礎之薄弱以及信評機構與受評對象間利益衝突之問題。並再予論述目前國際間主要信評機構監理制度之改革方向分析其內容，並進而檢視其所可能面臨之障礙。

以文找文

In the financial market, the use of credit rating agencies to supply information concerning the credit worthiness of a corporation or financial products (such as credit derivatives and mortgage-backed securities) would facilitate the raising of capital for the issuers and reduce information cost for the investors. As credit rating agencies would significantly influence the decisions of the investors to assess credit risk, the accuracy of ratings and the issues regarding conflict of interests between the CRAs and the issuers would consequently lead to financial scandals and systemic risk.Since the global financial crisis began in 2007, it is evident that credit rating agencies have played an essential part in the collapse of the subprime mortgage market. In the wake of this crisis, several leading regulatory reforms in U.S and EU have been developed and implemented as well as other international organizations such as IOSCO. This article mainly focuses on the weakness of accountability of CRAs and conflict of interests between CRAs and the issuers. The main theme of this work is to analysis these current developments and to identify the major obstacles to improve the credit rating industry.

以文找文

期刊論文
1.	Bai, L.(2010)。On regulating conflicts of interest in the credit rating industry。New York University Journal of Legislation and Public Policy，13，253-313。
2.	Bonewitz, P. L.(2010)。Implications of reputation economics on regulatory reform of the credit rating industry。William & Mary Business Law Review，7，391-430。
3.	Choi, S.(1998)。Market lessons for gatekeepers。Northwestern University Law Review，92，916-966。
4.	Commission of the European Communities(2008)。Proposal for a regulation of the European parliament and of the council on credit rating agencies。COM，704(Final)，1-42。
5.	Dennis, K.(2009)。The rating game: explaining rating agency failures in the building up to the financial crisis。University of Miami Law Review，63，1111-1150。
6.	Devine, E.(2011)。Collapse of empire? Rating agency reform in the wake of the 2007 Financial Crisis。Fordham Journal of Corporate & Financial Law，16，177-202。
7.	Hill, C. A.(2011)。Limits of Dodd-Frank’s rating agency reform。Chapman Law Review，15，133-148。
8.	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，2009，109-209。
9.	Husisian, G.(1990)。What standard of care should govern the world’s shortest editorials?: An analysis of bond rating agency liability?。Cornell Law Review，75，411-461。
10.	Omarova, S. T.(2012)。Bankers, bureaucrats, and guardians: Toward tripartism in financial services regulation。Journal of Corporation Law，37，621-674。
11.	Reiss, D.(2005)。Subprime standardization: How rating agencies allow predatory lending to flourish in the secondary mortgage market。Florida State University Law Review，33，985-1066。
12.	Rhodes, A. K.(1996)。The role of the SEC in the regulation of the rating agencies: well-placed reliance of free-market interference?。Seton Hall Legislative Journal，20，293-359。
13.	Rousseau, S.(2006)。Enhancing the accountability of credit rating agencies: The case for a disclosure-based approach。McGill Law Journal，51，617-664。
14.	Sack, J. S.、Juris, S. M.(2007)。Rating agencies: civil liability past and future。New York Law Journal，238(88)，1-3。
15.	Schwarcz, S. L.(2008)。System risk。Georgetown Law Journal，97(1)，193-249。
16.	Unterman, A.(2009)。Innovative destruction-structured finance and credit market reform in the Bubble Era。Hastings Business Law Journal，5，53-108。
17.	Schwarcz, Steven L.(2002)。Private Ordering of Public Markets: The Rating Agency Paradox。University of Illinois Law Review，2002，1-28。
18.	Hill, C. A.(2004)。Regulating the rating agencies。Washington University Law Quarterly，82(1)，43-94。
19.	莊永丞(20111200)。對信用評等機構應有規範之比較研究。國立臺灣大學法學論叢，40(4)，2249-2321。延伸查詢
20.	Goldberg, J. C. P.(2002)。Twentieth-century tort theory。Georgetown Law Journal，91，513-584。
21.	Manns, J.(2009)。Rating Risk after the Subprime Mortgage Crisis; A User Free Approach for Rating Agency Accountability。North Carolina Law Review，87，1011-1090。

會議論文
1.	The Staff of the Committee on Governmental Affairs(2002)。Financial oversight of Enron: the SEC and private-sector watchdogs。107th Cong. 2nd Sess.。

研究報告
1.	Becker, B.、Milboum, T.(2010)。How did increased competition affect credit ratings?。
2.	Covitz, D. M.、Harrison, P.(2003)。Testing conflicts of interest at bond ratings agencies with market anticipation: Evidence that reputation incentives dominate。
3.	Darbellay, A.、Partnoy, F.(2012)。Credit rating agencies and regulatory reform。
4.	Elkhoury, M.(2008)。Credit rating agencies and their potential impact on developing countries。
5.	Jobst, A. A.(2005)。What is structured finance?。
6.	Kerwer, D.(2001)。Standardising as governance: The case of credit rating agencies。
7.	Utzig, S.(2010)。The financial crisis and the regulation of credit rating agencies; a european banking perspective。
8.	Xi, H.、Strobl G.(2012)。The issuer-pays rating model and ratings inflation: evidence from corporate credit ratings。

圖書
1.	Breyer, S.(2006)。Typical justifications for regulation。A reader on regulation。Oxford：Oxford University Press。
2.	U.S. Securities and Exchange Commission(2008)。Summaty report of issues identified in the commission staffs examinations of select credit rating agencies。Washington：U.S. Securities and Exchange Commission。
3.	Baldwin, Robert、Cave, Martin(1999)。Understanding Regulation: Theory, Strategy and Practice。Oxford University Press。
4.	Hirschman, Albert O.(1970)。Exit, Voice, and Loyalty: Responses to Decline in Firms, Organizations, and States。Harvard University Press。

其他
1.	Adams, C.(1999)。International capital markets: Development, prospects and key policy issues，http://www.imf.org/extemal/pubs/ft/icm/1999/pdf/flle05.pdf。
2.	Basel Committee on Banking Supervision(2006)。International convergence of capital measurement and capital standards: A revised framework-comprehensive version，http://www.bis.org/publ/bcbs128.pdf。
3.	Brody, S.，Hanawalt, C.(2011)。Dodd-Frank: Rating agencies and the ABS market，http://www.bingham.com/Publications/Files/2011/01 /Dodd-Frank-Rating-A gencies-and-The-ABS-Market。
4.	International Organisation of Securities Commission(2003)。Report on the activities of credit rating agencies，http://www.iosco.org/library/pubdocs/pdf7IOSCOPD153.pdf。
5.	Organisation of Securities Commission(2004)。Code of Conduct Fundamentals for Credit Rating Agencies，http://www.iosco.org/library/pubdocs/pdf/IOSCOPD173.pdf.。
6.	Organisation of Securities Commission(2008)。Code of Conduct Fundamentals for Credit Rating Agencies，http://www.iosco.org/library/pubdocs/pdf7IOSCOPD271.pdf.。
7.	Organisation of Securities Commission(2011)。Regulatory implementation of the statement of principles regarding the activities of credit Rating agencies: Final report，http://www.iosco.org/library/pubdocs/pdf/IOSCOPD346.pdf.。
8.	Weinberg, E.(2010)。Dodd-Frank reform Act: Elimination of rating agencies protections and implications for bond issuers in asset-backed securities, credit rating agencies, securities and exchange commission，http://financial-reform.weil.com/asset-backed-securities/doddfrank-reformact-elimination-rating-agencies-protections-implications-bond-issuers/#axzz225u4tR6y。
9.	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.。

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