题名

信用評等機構規範之研究

并列篇名

The Regulation of Credit Rating Agencies

DOI

10.6509/TLM.201310_64(10).0005

作者

林黎華(Louis Chen)

关键词

信用評等機構 ； 發行人付費模式 ； 利益衝突 ； 金融結構型商品 ； 少數控制 ； credit rating agency ； issuer-pays model ； conflicts of interest ； financial structured products ； oligopoly

期刊名称

法令月刊

卷期/出版年月

64卷10期（2013 / 10 / 01）

页次

85 - 114

内容语文

繁體中文
中文摘要

雖然信用評等在現實的市場中對於投資人投資決策具有一定的效用，但2008年發生全球金融危機，信用評等機構被批評對於金融結構性商品違約風險之評估品質低落，且由於信用評等調降的速度過慢，並在極短的時間大幅調降信評，造成投資人之信心喪失，以及對於商品的信用價值與真實價值產生極大的不確定性。金融穩定論壇亦指出信用評等機構對於複雜的結構型商品之不良評估，造成金融危機且產生加乘的效果，甚至2011年之歐債危機，信用評等機構對歐洲主權債之降評，亦被批評惡化一些家的財務問題，例如希臘、愛爾蘭、葡萄牙、西班牙等，這些信評調整震驚市場，對全球的經濟有重大的影響。在金融風暴之後產生了許多問題，信用評等機構之管理，被認為是重要的議題之一，美國Dodd-Frank Act對信用評等機構提出相關之改革，歐盟亦透過立法進行改革，本文擬探視信用評等機構之問題，以及主要國家與國際組織研議改進之道，並對本國作法進行比較分析，提出本文之結論與建議。
英文摘要

Credit Ratings could help the investors to make investment decisions, but Credit Rating Agency is criticized by low rating quality of default risk of financial structured products during the 2008 global financial crisis. The adjustment was too late and done precipitously in a short time, which made investors lost their confidence in the credit value of financial structured products and caused uncertainty in the real economy. Financial Stability Forum stated that credit rating agency conducted poor reviews on complicated structured products and produced triple effect on the financial crisis. The Credit Rating Agency also is criticized for deteriorating some countries financial problem by downgrade European Sovereign Debt, including Greece, Ireland, Portugal, and Spain. It astonished the markets and had a material impact on global economy. Credit Ratings triggered a lot of problems after financial crisis. The regulation of credit rating agency is deemed one of the most important issues. The Dodd-Frank Act proposed the relevant reform and EU also conducted the legislative reform. Then this paper will analyze the problems of credit rating agency and review the international reform compared to domestic practices and regulations. This analysis will help determine whether or not current FSC regulations need to be amended.
主题分类 社會科學 > 法律學
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