主权信用评级监管困境与信用评级机构的权力制度化——兼论非国家行为体在全球经济治理中的作用
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摘要
截至2018年初,金融危机已过去近十年,信用评级机构仍然是全球许多国家公共政策重点关注的议题。本文将信用评级机构及其主权信用评级置于国际经济治理和市场监管的背景下,分析评级机构市场权力的来源,欧美监管改革的路径和监管困境,结合非国家行为体在全球经济治理中的作用,对主权信用评级价值异化进行讨论,并提出相应的政策建议。
As of early 2018,credit rating agencies remained a subject of public policy in many countries after 10 years of the international financial crisis. This contribution puts the rating agencies and their sovereign credit ratings in the context of international economic governance and market supervision,analyzes the sources of market power of rating agencies,the path and dilemma of European and American regulatory reforms,and integrates with the role of private authorities in global economic governance. This paper discusses the alienation of sovereign credit rating values and proposes corresponding policy recommendations.
As of early 2018,credit rating agencies remained a subject of public policy in many countries after 10 years of the international financial crisis. This contribution puts the rating agencies and their sovereign credit ratings in the context of international economic governance and market supervision,analyzes the sources of market power of rating agencies,the path and dilemma of European and American regulatory reforms,and integrates with the role of private authorities in global economic governance. This paper discusses the alienation of sovereign credit rating values and proposes corresponding policy recommendations.
引文
[1]Ferri,G.,Liu,L.,and Stiglitz,J.E.1999.The procyclical role of rating agencies:evidence from the East Asian Crisis,Economics Notes 28(3).
[2]Ga¨rtner,M.,Griesbach,B.and Jung,F.2011.PIGS or lambs?The European debt crisis and the role of rating agencies,International Advances in Economic Research17(3).
[3]George A Akerlof.1978.The Market for“Lemons”:Quality Uncertainty and the Market Mechanism,Uncertainty in Economics.
[4]S&P.How we rate sovereigns,http://www.standardandpoors.com/spf/ratings/How_We_Rate_Sovereigns_3_13_12.pdf,2012.
[5]Ulrich G Schroeter,Credit Ratings and Credit Rating Agencies,in Gerard Caprio,Douglas W Arner(eds),Handbook of Key Global Financial Markets,Institutions and Infrastructure,Academic Press 2012.
[6]European Commission,Report from the Commission to the European Parliament and the Council on alternative tools to external credit ratings,the state of the credit rating market,competition and governance in the credit rating industry,the state of the structured finance instruments rating market and on the feasibility of a European Credit Rating Agency,2016,http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52016DC0664&from=EN,last visited July 11,2018.
[7]EMSA website,https://www.esma.europa.eu/supervision/credit-rating-agencies/risk,last visited July 11,2018.
[8]SEC website,https://www.sec.gov/ocr/ocr-currentnrsros.html,last visited August 16,2018.
[9]EMSA,Report on CRA Market Share Calculation,https://www.esma.europa.eu/sites/default/files/library/esma33-5-209-cra market_share_calculation_2017.pdf,2017.
[10]Kerwer,D.2006.Governing financial markets by international standards,in M.Koenig-Archibugi and M.Zu¨rn(eds),New Modes of Governance:Exploring Publicness,Delegation and Inclusiveness,Basingstoke:Palgrave.
[11]Beasley,R.2016.Dissonance and Decision-Making Mistakes in the Age of Risk,Journal of European Public Policy,23(5),February.
[12]Council of Ministers and European Parliament,Directive 2006/49/EC of 30th June 2006 on the capital adequacy of investment firms and credit institutions,Brussels:Council of Ministers and European Parliament,2006.
[13]Stocktaking on the Use of Credit Ratings,Report of the Joint Forum,IOSCO,Basel Committee,IAIS,June2009.
[14]Norbert Gaillard.2011.A Century of Sovereign Ratings,New York:Springer Science and Business Media,LLC.
[15]Regulation(EU)No 462/2013对Annex I,Section D,Part III of Regulation(EC)No 1060/2009.
[16]EMSA website,https://www.esma.europa.eu/supervision/enforcement/enforcement-actions,last visited July20 2018.
[17]EMSA,Annual Report 2017,p.36.
[18]Langohr,H.M.and Langohr,P.T.2008.The Rating Agencies and their Credit Ratings:What They Are,How They Work and Why They Are Relevant,Chichester:Wiley.
[19]Federal Reserve Board.2011.Report to the Congress on credit ratings,July 2011,Washington:Board of Governors of the Federal Reserve System.
[20]Partnoy,Frank.2017.What's(Still)Wrong with Credit Ratings,92 Wash.L.Rev.1407.
[21]Block,S A&Valeer,P M.2004.The Price of Democracy:Sovereign Risk Ratings,Bond Spread,and Political Business Cycles in Developing Countries,Journal of International Money&Finance,vol.23.
[22]Avant,Deborah D.,M.2010.Finnemore,and S.K.Sell eds.,Who governs the globe?,Cambridge University Press.
[23]Timothy J.Sinclair.1994.Passing Judgment:Credit Rating Processes as Regulatory Mechanisms of Governance in the Emerging World Order,Review of International Political Economy,vol.1.
[24]Bruner C M,Abdelal R.2005.To Judge Leviathan:Sovereign Credit Ratings,National Law,and the World Economy,Journal of Public Policy,vol.25(02).
[25]Richard Cantor and Frank Packer.1996.Sovereign risk assessment and agency credit ratings,European Financial Management,vol.2.
[26]Afonso A.,Gomes P.and Rother P.2011.Shortand Long-Run Determinants of Sovereign Debt Credit Ratings,International Journal of Finance and Economics,vol.16,Issue 1.
[27]Coffee,Jr,J C.2011.Ratings Reform:The Good,the Bad,and the Ugly,Harvard Business Law Review,vol.1,no.1.
[28]Manns,J,Rating Risk after the Subprime Mortgage Crisis:A User Fee Approach for Rating Agency Accountability,North Carolina Law Review.
[29]ESMA,Credit Rating Agencies:Sovereign Ratings Investigation,December 2013.
[30]Bhatia,A V.2002.Sovereign Credit Ratings Methodology:An Evaluation,IMF Working Paper,International Monetary Fund.
[31]Sinclair,T.J.2005.The New Masters of Capital:American Bond Rating Agencies and the Politics of Creditworthiness,Ithaca:Cornell University Press.
[32]Hirsch,Ulrich,Rating ist objektiv subjektiv,in Hans E.Büschgen and Oliver Everling(eds)Handbuch Rating,Wiesbaden:Gabler,1996.
[33]US Senate.2010.Permanent Subcommittee on Investigations(PSI),Exhibits-Hearing on Wall Street and the Financial Crisis:The Role of Credit Rating Agencies,Washington DC,April 23.
[34]Moody’s Investors Service,Moody’s Statistical Handbook:Country Credit(159963),November 2013.
[35]Greta R.2011.Krippner,Capitalizing on Crisis:the Political Origins of the Rise of Finance 5-10.
[36]北京商报.财政部:标普下调中国主权信用评级是错误决定,http://www.bbtnews.com.cn/2017/0922/212017.shtml,2018-5-6.
[37]财政部新闻办公室.财政部有关负责人就中国主权信用评级有关问题答记者问,http://www.mof.gov.cn/zhengwuxinxi/caizhengxinwen/201705/t20170524_2607960.htm,2018-5-6.
[38]郝帅,刘沛伦.2016年国际评级行业发展与监管动态报告[R].联合资信评估有限公司专题报告,2018-1-15.
[39]人民日报.深入推进全面依法治国,http://www.xinhuanet.com/politics/2018-07/13/c_1123119580.htm,2018-8-16.
[40]中国财政部:财政部有关负责人就发行美元主权债券相关问题答记者问,http://www.mof.gov.cn/zhengwuxinxi/caizhengxinwen/201710/t20171024_2734751.html,2018-8-15.
[41]中国金融新闻网.资管新规对未来中国金融发展意义重大,访中国人民银行调查统计司原司长、上海市人民政府参事盛松成,2018-8-19.
(1)As reported in The Straits Times on 7 July 2011:OECD joins criticism of rating agencies.
(2)4家获得认证的信用评级机构分别是日本的JCR、墨西哥的HR Ratings以及美国的Kroll和EganJones Ratings。
(3)Regulation(EU)No 462/2013对Annex I,Section D,Part III of Regulation(EC)No 1060/2009的修改。
(4)金融部门在美国公司利润的份额从1980年的15%增加到2007年的45%,增加了3倍。
[2]Ga¨rtner,M.,Griesbach,B.and Jung,F.2011.PIGS or lambs?The European debt crisis and the role of rating agencies,International Advances in Economic Research17(3).
[3]George A Akerlof.1978.The Market for“Lemons”:Quality Uncertainty and the Market Mechanism,Uncertainty in Economics.
[4]S&P.How we rate sovereigns,http://www.standardandpoors.com/spf/ratings/How_We_Rate_Sovereigns_3_13_12.pdf,2012.
[5]Ulrich G Schroeter,Credit Ratings and Credit Rating Agencies,in Gerard Caprio,Douglas W Arner(eds),Handbook of Key Global Financial Markets,Institutions and Infrastructure,Academic Press 2012.
[6]European Commission,Report from the Commission to the European Parliament and the Council on alternative tools to external credit ratings,the state of the credit rating market,competition and governance in the credit rating industry,the state of the structured finance instruments rating market and on the feasibility of a European Credit Rating Agency,2016,http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52016DC0664&from=EN,last visited July 11,2018.
[7]EMSA website,https://www.esma.europa.eu/supervision/credit-rating-agencies/risk,last visited July 11,2018.
[8]SEC website,https://www.sec.gov/ocr/ocr-currentnrsros.html,last visited August 16,2018.
[9]EMSA,Report on CRA Market Share Calculation,https://www.esma.europa.eu/sites/default/files/library/esma33-5-209-cra market_share_calculation_2017.pdf,2017.
[10]Kerwer,D.2006.Governing financial markets by international standards,in M.Koenig-Archibugi and M.Zu¨rn(eds),New Modes of Governance:Exploring Publicness,Delegation and Inclusiveness,Basingstoke:Palgrave.
[11]Beasley,R.2016.Dissonance and Decision-Making Mistakes in the Age of Risk,Journal of European Public Policy,23(5),February.
[12]Council of Ministers and European Parliament,Directive 2006/49/EC of 30th June 2006 on the capital adequacy of investment firms and credit institutions,Brussels:Council of Ministers and European Parliament,2006.
[13]Stocktaking on the Use of Credit Ratings,Report of the Joint Forum,IOSCO,Basel Committee,IAIS,June2009.
[14]Norbert Gaillard.2011.A Century of Sovereign Ratings,New York:Springer Science and Business Media,LLC.
[15]Regulation(EU)No 462/2013对Annex I,Section D,Part III of Regulation(EC)No 1060/2009.
[16]EMSA website,https://www.esma.europa.eu/supervision/enforcement/enforcement-actions,last visited July20 2018.
[17]EMSA,Annual Report 2017,p.36.
[18]Langohr,H.M.and Langohr,P.T.2008.The Rating Agencies and their Credit Ratings:What They Are,How They Work and Why They Are Relevant,Chichester:Wiley.
[19]Federal Reserve Board.2011.Report to the Congress on credit ratings,July 2011,Washington:Board of Governors of the Federal Reserve System.
[20]Partnoy,Frank.2017.What's(Still)Wrong with Credit Ratings,92 Wash.L.Rev.1407.
[21]Block,S A&Valeer,P M.2004.The Price of Democracy:Sovereign Risk Ratings,Bond Spread,and Political Business Cycles in Developing Countries,Journal of International Money&Finance,vol.23.
[22]Avant,Deborah D.,M.2010.Finnemore,and S.K.Sell eds.,Who governs the globe?,Cambridge University Press.
[23]Timothy J.Sinclair.1994.Passing Judgment:Credit Rating Processes as Regulatory Mechanisms of Governance in the Emerging World Order,Review of International Political Economy,vol.1.
[24]Bruner C M,Abdelal R.2005.To Judge Leviathan:Sovereign Credit Ratings,National Law,and the World Economy,Journal of Public Policy,vol.25(02).
[25]Richard Cantor and Frank Packer.1996.Sovereign risk assessment and agency credit ratings,European Financial Management,vol.2.
[26]Afonso A.,Gomes P.and Rother P.2011.Shortand Long-Run Determinants of Sovereign Debt Credit Ratings,International Journal of Finance and Economics,vol.16,Issue 1.
[27]Coffee,Jr,J C.2011.Ratings Reform:The Good,the Bad,and the Ugly,Harvard Business Law Review,vol.1,no.1.
[28]Manns,J,Rating Risk after the Subprime Mortgage Crisis:A User Fee Approach for Rating Agency Accountability,North Carolina Law Review.
[29]ESMA,Credit Rating Agencies:Sovereign Ratings Investigation,December 2013.
[30]Bhatia,A V.2002.Sovereign Credit Ratings Methodology:An Evaluation,IMF Working Paper,International Monetary Fund.
[31]Sinclair,T.J.2005.The New Masters of Capital:American Bond Rating Agencies and the Politics of Creditworthiness,Ithaca:Cornell University Press.
[32]Hirsch,Ulrich,Rating ist objektiv subjektiv,in Hans E.Büschgen and Oliver Everling(eds)Handbuch Rating,Wiesbaden:Gabler,1996.
[33]US Senate.2010.Permanent Subcommittee on Investigations(PSI),Exhibits-Hearing on Wall Street and the Financial Crisis:The Role of Credit Rating Agencies,Washington DC,April 23.
[34]Moody’s Investors Service,Moody’s Statistical Handbook:Country Credit(159963),November 2013.
[35]Greta R.2011.Krippner,Capitalizing on Crisis:the Political Origins of the Rise of Finance 5-10.
[36]北京商报.财政部:标普下调中国主权信用评级是错误决定,http://www.bbtnews.com.cn/2017/0922/212017.shtml,2018-5-6.
[37]财政部新闻办公室.财政部有关负责人就中国主权信用评级有关问题答记者问,http://www.mof.gov.cn/zhengwuxinxi/caizhengxinwen/201705/t20170524_2607960.htm,2018-5-6.
[38]郝帅,刘沛伦.2016年国际评级行业发展与监管动态报告[R].联合资信评估有限公司专题报告,2018-1-15.
[39]人民日报.深入推进全面依法治国,http://www.xinhuanet.com/politics/2018-07/13/c_1123119580.htm,2018-8-16.
[40]中国财政部:财政部有关负责人就发行美元主权债券相关问题答记者问,http://www.mof.gov.cn/zhengwuxinxi/caizhengxinwen/201710/t20171024_2734751.html,2018-8-15.
[41]中国金融新闻网.资管新规对未来中国金融发展意义重大,访中国人民银行调查统计司原司长、上海市人民政府参事盛松成,2018-8-19.
(1)As reported in The Straits Times on 7 July 2011:OECD joins criticism of rating agencies.
(2)4家获得认证的信用评级机构分别是日本的JCR、墨西哥的HR Ratings以及美国的Kroll和EganJones Ratings。
(3)Regulation(EU)No 462/2013对Annex I,Section D,Part III of Regulation(EC)No 1060/2009的修改。
(4)金融部门在美国公司利润的份额从1980年的15%增加到2007年的45%,增加了3倍。