後危機時代信用評級監管法律制度創新研究

The Innovation of Supervisory Legal System for Credit Rating in Post-crisis Era

信用評級機構的無良與失控對金融危機的發生與擴散起到了催化劑與火上澆油的作用。明辨是非之後，從市場准入、利益衝突防範、信息披露強化等角度來構建或升級信用評級監管法律制度成為後危機時代的一種潮流。雖然法律制度的革新益於金融風險的防護，但是若不能從世界在主權因素下分而治之的狀態及差序的市場格局來客觀地評估市場博弈平等、公平與正義等華麗的價值，那麼不僅會陷入一種法律價值普適性的誤區，而且也易於使弱國成為強國輸出危機成本的犧牲品。後危機時代，基於國家金融安全的立場及還原評級機構市場私主體的本位是整個制度創新與改良的基礎。

The immorality and loss of control of credit rating agencies played a role of encouraging and catalyzing the outbreak and spreading of financial crisis. After analyzing the right and wrong, it has become a trend to innovate or construct the supervisory system for credit rating from the angle of market access, interest conflict and information disclosure, etc. The innovation of legal system would help prevent financial crisis, but if we can't objectively comment the values such as equality of market competition, equity and justice under the background of dispersive sovereignty and differential market pattern, we will plunged into the misunderstanding of universality of legal values, and the weak states will be sacrificed due to the crisis-export of the powerful countries. Therefore, the innovation and reform of the legal system must be based on state financial safety and the restoration of credit rating agency's private market entity status.