政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/58986

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/58986

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Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/58986

Title:	信用評等機構監理之法制研究 A Study on The Superision of Credit Rating Agencies
Authors:	陳泆璇 Chen, I Hsuan
Contributors:	張冠群 Chang, Kuan Chun 陳泆璇 Chen, I Hsuan
Keywords:	信用評等機構利益衝突華爾街改革及消費者保護法案歐盟國際證監會組織信用評等準確性 Credit Rating Agencies Conflicts of Interest Wall Street of Dodd–Frank Wall Street Reform and Consumer Protection Act European Union IOSCO Accuracy of Credit Rating Agencies
Date:	2012
Issue Date:	2013-07-23 13:28:32 (UTC+8)
Abstract:	信用評等機構於金融市場中為投資人以及發行人之中介以活絡市場，並且同時扮演金融守門人之角色，期望解決資訊不對稱以及加強監理效率的作用。惟於2003年安隆案件以及2008年金融危機顯露缺陷，信用評等機構無法有效維持信用評等準確性，基本的聲譽概念似乎無法全面箝制信用評等機構。信用評等機構準確性不足的原因主要來自於利益衝突、資訊來源準確性以及評等結果持續更新之即時性。尤其是利益衝突的部份從2010年美國金融改革法案中可知，此係源自於付費機制所形成，並依據信用評等機構形成評等結果通常是簡化的數據，對於發行人所提供之內容本身未予公開，故形成可得操作的空間。故思考減緩利益衝突之機制，希望透過各種方式解決，像是內部控制的要求、透明度程度提高、問責機制的增列（包含行政以及民事）以及促進競爭的要求，更甚至是透過外部機制的建立來阻斷利益衝突之可能。透過不同法制之比較。美國於華爾街改革及消費者保護法的改革、歐盟於歐洲證券及市場管理局建立與他律相關法案創建以及IOSCO行為準則之比較，並且對其各自提出分析比較優缺點。再對照我國於99年所新修正的方向，提出仍可改進的部份。當然，本文致力於信用評等準確性之維持，故對於不論是利益衝突本身所造成、信用評等機構以外之因素或是機構本身資訊審核或專業性之消極態度，均一併涵蓋於我國之改革方向。本文除就著重於內部機制改善的部份介紹，並重於外部機制的部份，廣納各方建議，最後尋求我國適宜之機制，不論是已發生或將來可能發生的問題，借鑒他國之經歷、法制以及學者論點，從我國目前的架構著手改革建議。從第二章信用評等機構之定義、功能及產業結構介紹，再思考連結第三章金融危機前信用評等機構之監管模式及其與金融危機之關聯，各國開始尋求解結之第四章金融危機後各國信用評等機構監管法案之改革及評析，以及第五章信用評等機構監管法制之進一步改革建議之學者意見，最後應用於我國的部份，第六章我國信用評等機構監管模式之檢討與修正建議以及第七章結論。 Credit rating agencies are intermediary between investors and issuers not only promote financial market but also play financial gatekeeper. Being expected to resolve information asymmetry and enforce efficient supervision. However, enron scandal of 2003 and financial crisis of 2008 revealed credit rating ‘s problem that they was inaccurate. Also shows reputation can’t force completely credit rating agency. The decreasingly accuracy of credit rating agency result from existence of conflicts of interest, examination of information, credit rating’s adjustment. Especially conflict of interest comes out of revenue model and extremely simple symbols which might be modified since lack of transparency. Therefore, this article thinks about various methods to reduce conflicts of interest such as internal control system, enhance transparency, accountability and competition. Even establish external system to block conflicts of interest. Comparing different standard such as Wall Street of Dodd–Frank Wall Street Reform and Consumer Protection Act of U.S., the building of European Securities and Markets Authority and European Parliament’s legislation of credit rating agencies and IOCSO’s code of conduct fundamentals for credit rating agencies. Contrasting the latest reform is made in 2010 and proposing. This article focuses on accuracy of credit rating agencies, including both conflicts of interest and negative attitude of agencies. All of causes should be the reform direction of Taiwan. This article introduces not only internal system but also external system. Collecting experiences of other countries, law and opinion of scholar to conclude a suitable system of Taiwan. In this article, we will introduce credit rating agency in the second chapter, and then in chapter three will consider the relation between supervision system and financial crisis. In chapter four, introduce various act related to credit rating and comment on it. In chapter five, give a presentation of scholar’s external system. Finally, in chapter six and chapter seven introduce the latest legislation of Taiwan and provide possible reform suggestions. "信用評等機構監理之法制研究第一章緒論 1 第一節研究動機與目的 1 第二節研究方法 2 第三節論文架構 3 第二章信用評等機構之定義、功能及產業結構 6 第一節信用評等之定義以及發展 6 第一項信用評等之定義 6 第二項信用評等之發展 7 第一款起源與發展 7 第二款 NRSRO 9 第二節信用評等之功能 11 第一項解決資訊不平等問題 11 第二項金融監理角色之運用 12 第三節信用評等產業結構 14 第一項發行人付費模式 15 第二項聲譽資本與市場關聯性 16 第一款聲譽機制與市場力量 16 第二款聲譽與新穎性商品 18 第一目新穎性商品與信用評等 18 第二目聲譽與信用評等 19 第三目新穎性商品之困境 20 第三款聲譽機制之效益 22 第一目低品質評等與負面效應 22 第二目晚進策略 23 第三目信評機構與發行人間之密切聯繫 24 第四目聲譽機制與泡沫經濟 25 第五目聲譽機制與監理認證 26 第三項信用評等市場門檻與寡佔 26 第一款監理障礙 27 第二款經濟障礙 27 第四節小結 28 第三章金融危機前信用評等機構之監管模式及其與金融危機之關聯 30 第一節總說 30 第二節形成準確性瑕疵之原因 31 第一項利益衝突 31 第一款利益衝突的發生—付費機制 31 第二款利益衝突與金融危機 32 第三款提昇利益衝突發生之原因 33 第一目透明度欠缺 33 第二目究責機制不足 35 第三目缺乏競爭 35 第二項資訊即時性與繼續性 38 第三項資訊可信性 39 第四項評等專業能力 42 第一款專業人才 42 第二款評等格式 42 第三節監管必要性以及目標 43 第四節信用評等機構初期監管模式 46 第一項美國 46 第一款專家責任 46 第二款國家認可的評等機構 48 第三款初級改革與揭露要求 48 第四款 S.E.C.規則436(g) 49 第二項歐洲 50 第三項初期監管模式實踐監管目標上之不足 51 第五節信評監管不足與金融危機 52 第一項總說 52 第二項 2003年安隆案件 52 第三項 2008年結構型金融案件 54 第六節小結 56 第四章金融危機後各國信用評等機構監管法案之改革及評析 57 第一節美國信用評等機構相關法制 57 第一項 2006年信用評等機構改革法案（ the Credit Rating Agency Reform Act, CRARA ） 57 第一款總說 57 第二款法案內容說明 58 第三款法案不足之處 59 第二項金融改革法—陶德-法蘭克華爾街改革與消費者保護法（Dodd-Frank Wall Street Reform and Consumer Protection Act, 下稱陶德法案） 60 第一款管理以及利益衝突解決 61 第二款信用評等過程以及透明度要求 63 第三款民事責任 64 第四款減少依賴 65 第五款實質審查 67 第六款要求SEC從事相關研究 68 第三項相關授權法規 70 第一款透明度要求 70 第二款防止濫用重大非公開訊息 72 第三款利益衝突 72 第四款結構型金融商品之特殊區隔 74 第五款陶德法案後之修正建議報告 75 第二節歐盟 78 第三節國際組織之改革指引 85 第一項國際證券管理機構組織（The International Organization of Securities Commissions, 簡稱IOSCO） 85 第二項金融穩定理事會（Financial Stability Board, 簡稱FSB） 89 第四節評析 90 第一項美國陶德法案以及相關規則 90 第二項歐盟信用評等機構法規 110 第三項其他國際組織 113 第五節小結 114 第一項簡化與評析 114 第二項改革方向 118 第五章信用評等機構監管法制之進一步改革建議 120 第一節利益衝突之解決—改革方向確立 120 第二節自由市場派 121 第一項概說 121 第二項信用評等之替代方案：信用違約交換 123 第一款信用違約交換之介紹 123 第二款信用違約交換與信用評等之效率比較 123 第三款信用違約交換與股本回報率 125 第四款信用違約交換之問題 126 第三節改革派 127 第一項鼓勵訂閱者付費模式 128 第一款訂閱者付費模式之分析 129 第一目公共財性質與市場需求問題 129 第二目利益衝突 130 第三目資訊來源問題 131 第二款強制要求投資人非發行人付費之信用評等 131 第三款建立投資人自有之信用評等機構 132 第四款公共資金 134 第二項政府公共事業模式 138 第一款政府創立信用評等 138 第二款公共事業模式之優點 139 第三款問題與評析 139 第三項薪酬回撥機制 141 第一款費用託管 142 第二款流動性困境 142 第三款最終責任導正 143 第四項績效差點機制 143 第五項獎勵報酬制度 145 第六項稅收優惠制度 147 第七項所得費用模型 147 第八項違約率標準與暫停業務 148 第九項公正第三中介者 149 第四節信用研究行動 153 第一項 CRI基礎措施 153 第二項 CRI之違約預測模型以及表現 154 第三項未來研究與發展 155 第四項制度目的 156 第五節小結 157 第六章我國信用評等機構監管模式之檢討與修正建議 159 第一節我國信用評等狀況 159 第一項概況 159 第二項我國信用評等之法制 160 第一款管理規則修正前之概說 160 第二款管理規則修正內容之概說 161 第三項我國現行法制評析與比較外國立法 163 第二節我國信用評等之改革架構 169 第一項方向確立 169 第二項合適之改革架構 170 第三節小結 176 第七章結論 178 參考文獻 188 "
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Rock Center for Corporate Governance at Stanford University Working Paper No. 66; Stanford Law and Economics Olin Working Paper No. 391. Available at SSRN: http://ssrn.com/abstract=1494527 or http://dx.doi.org/10.2139/ssrn.1494527 Pragyan Deb, et al., Whither the credit ratings industry?, FINANCIAL STABILITY PAPER NO. 9 7(March 2011). Dr Peter Yeoh, Self-regulation, regulation, co-regulation: the credit rating industry case, JOURNAL OF BUSINESS LAW (2013). Nan S. Ellis, et al., ARTICLE: Is Imposing Liability on Credit Rating Agencies a Good Idea?: Credit Rating Agency Reform in the Aftermath of the Global Financial Crisis, STANFORD JOURNAL OF LAW, BUSINESS & FINANCE (2012). Jr. Jack T. Gannon, LET`S HELP THE CREDIT RATING AGENCIES GET IT RIGHT: A SIMPLE WAY TO ALLEVIATE A FLAWED INDUSTRY MODEL, REVIEW OF BANKING AND FINANCIAL LAW (2012). Eric S. Pendergraft, SECTION 933(B): NIMBLE PRIVATE REGULATION OF THE CAPITAL MARKET GATEKEEPERS, FLORIDA STATE UNIVERSITY LAW REVIEW 511(2012). Claudio Storelli, NOTE: CORPORATE GOVERNANCE FAILURES - IS PARMALAT EUROPE`S ENRON?, COLUMBIA BUSINESS LAW REVIEW (2005). CLAIRE A. HILL, SYMPOSIUN: CRISIS IN CONFIDENCE: CORPORATE GOVERNANCE AND PROFESSIONAL ETHICS POST-ENRON SPONSORED BY WIGGIN & DANA: Rating Agencies Behaving Badly: The Case of Enron, CONNECTICUT LAW REVIEW (2003). Shahien Nasiripour, Credit Rating Agency Analysts Covering AIG, Lehman Brothers Never Disciplined, The Huffington Post(2011), available at http://www.huffingtonpost.com/2009/09/30/credit-rating- agency-anal_n_305587.html. Roger Lowenstein, Triple-A Failure’ The New York Times The New york Times(2008), available at http://www.nytimes.com/2008/04/27/magazine/27Credit-t.html?pagewanted=all. Allana M. Grinshteyn, HORSESHOES AND HAND GRENADES: THE DODD-FRANK ACT`S (ALMOST) ATTACK ON CREDIT RATING AGENCIES, 39 Hofstra Law Review 937(2011). Erin M. Wessendorf, Regulating the Credit Rating Agencies, 3 Entrepreneurial Business Law Journal 155(2008). Kristina St. Charles, Regulatory Imperialism: The Worldwide Export of European Regulatory Principles on Credit Rating Agencies Minnesota Journal of International Law 399(2010). Deryn Darcy, SURVEY: CREDIT RATING AGENCIES AND THE CREDIT CRISIS: HOW THE "ISSUER PAYS" CONFLICT CONTRIBUTED AND WHAT REGULATORS MIGHT DO ABOUT IT, Columbia Business Law Review 605(2009). Jin-Chuan Duan & Elisabeth Van Laere, A public good approach to credit ratings – From concept to reality, 36 Journal of Banking & Finance 3239-3247(2012). Ryan Voorhees, STUDENT NOTE: RATING THE RATERS: RESTORING CONFIDENCE AND ACCOUNTABILITY IN CREDIT RATING AGENCIES, Case Western Reserve Journal of International Law 875(2012). Shadab, Houman B., Guilty by Association? Regulating Credit Default Swaps. Entrepreneurial Business Law Journal, Vol. 4, No. 2, 2010, pp. 407-466. Available at SSRN: http://ssrn.com/abstract=1368026 Bloink, Robert, Does the Dodd-Frank Wall Street Reform Act Rein in Credit Default Swaps? An EU Comparative Analysis (August 1, 2011). Nebraska Law Review, Vol. 89, No. 4, 2011. Available at SSRN: http://ssrn.com/abstract=2045853. （三）政府機關資料 U.S. SECURITIES AND EXCHANGE COMMISSION, OVERSIGHT OF CREDIT RATING AGENCIES REGISTERED AS NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATIONS (June 18, 2007), http://www.sec.gov/rules/final/2007/34-55857fr.pdf. U.S. SECURITIES AND EXCHANGE COMMISSION, THE CREDIT RATING AGENCY REFORM ACT (September 29, 2006), https://www.sec.gov/divisions/marketreg/ratingagency/cra-reform-act-2006.pdf. U.S. SECURITIES AND EXCHANGE COMMISSION, DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT (July 21, 2010),http://www.gpo.gov/fdsys/pkg/PLAW-111publ203/pdf/PLAW-111publ203.pdf. SECURITIES AND EXCHANGE COMMISSION, AMENDMENTS TO RULES FOR NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATIONS (February 2, 2010), http://www.sec.gov/rules/final/2009/34-61050.pdf. SECURITIES AND EXCHANGE COMMISSION, SECURITIES ACT OF 1933(May 27, 1933), http://www.sec.gov/about/laws/sa33.pdf. SECURITIES AND EXCHANGE COMMISSION, REMOVAL OF CERTAIN REFERENCES TO CREDIT RATINGS UNDER THE SECURITIES EXCHANGE ACT OF 1934(July 5, 2011) http://www.sec.gov/rules/proposed/2011/34-64352.pdf. SECURITIES AND EXCHANGE COMMISSION, DISCLOSURE FOR ASSET-BACKED SECURITIES REQUIRED BY SECTION 943 OF THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT (March 28, 2011.)http://www.sec.gov/rules/final/2011/33-9175.pdf. （四）網路資料 EUROPEAN COMMISSION, New rules on credit rating agencies (CRAs) – frequently asked questions (January 16 2013), http://europa.eu/rapid/press-release_MEMO-13-13_en.htm?locale=en. INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS EU, CODE OF CONDUCT FUNDAMENTALS FOR CREDIT RATING AGENCIES (MAY 2008), http://www.iosco.org/library/pubdocs/pdf/IOSCOPD271.pdf. FINANCIAL STABILITY BOARD, Principles for Reducing Reliance on CRA Ratings(October 27 2010), http://www.financialstabilityboard.org/publications/r_101027.pdf.
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