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信用评级机构作为资本市场的重要看门人之一,同其他看门人一道为解决信息不对称问题和保护投资者服务。但2008年金融危机的肆虐使资本市场认识到评级机构道德防线的失守与诚信原则的背离,无论是慷慨地将市场通行证赠与大量有毒证券致使投资者血本无归,还是危机爆发后迅速下调评级加速危机蔓延的做法,被投资者高度依赖的评级机构都严重透支了投资者对其的信任,使自身陷于诚信危机之中。本文通过对金融危机下信用评级机构表现的回顾,分析导致其违背诚信的动因,并结合国内信用评级机构的发展尚处于初级阶段的现状,在反思的基础上探索对信用评级机构进行诚信规制之路径。
As one of the important gatekeepers in the capital market, credit rating agencies work with other gatekeepers to solve the problem of information asymmetry and to protect investors’ services. However, the outbreak of the financial crisis in 2008 made the capital market aware of the departure of the ethical defense of rating agencies from the principle of good faith, whether generously giving away a large amount of marketable securities to investors and causing investors to lose everything or rapidly downgraded after the crisis broke out. The practice of contagion and the ratings agencies highly dependent on investors have seriously overdrawn investors’ confidence in them and have themselves caught in a crisis of good faith. By reviewing the performance of credit rating agencies under the financial crisis, this paper analyzes the reasons that led to their breach of good faith. In the light of the current situation that the development of domestic credit rating agencies is still in its infancy, this paper explores the credit rating agencies’ path.