對信用評等機構作法制評等－台灣與美國信用評等機構法制建構之比較研究

The Regulatory Rating on the Rating Agencies-A Comparative Study on the legal systems of the Rating Agencies between Taiwan and US

李曜崇(Leon Lee)

《致理法學》 1期 (2007/03) Pp. 109-139

摘要

由於債券的固定收益證券（fixed income security）性質，因此其與股票不同，基本上信用風險（credit risk）乃是債券投資人最主要的風險源，而信評機構發佈的信用評等則是債市投資人用以估量債券違約機率的最主要參考指標。近年來我國債市的發展規模已有逐漸超越股市的趨勢，由是對於向有債市資訊守門員號稱的信評機構之法制建構問題，確有詳加研究之需要。本文乃以美國法為借鏡，就美國於恩隆案後對於信評機構的相關檢討逐一介紹，期能提供我國主管機關於檢視現行信評機構法制問題時之參考。

關鍵字

信用評等 ； 信評機構 ； 國家級統計評等組織 ； Moody's ； S&P

並列摘要

Due to the nature of fixed income securities, a bond shall be differentiated from the stock. As far as the bondholders are concerned, the credit risk is the main source of risks basically. When it comes to the reference index, the bondholders always take the rating reports as the main reference to evaluate the probability of bond defaults. Nowadays the scale of the bond market in Taiwan has gradually surpassed the stock market. The so-called gatekeeper of the information of bond market shall be further reviewed in particular. Therefore, for the purpose of providing our Competent Authority a reference index pertaining the current legal system of rating agency, this thesis tries to take a comparative glance at the measures set forth by Competent Authority of the United States in the Post-Enron era.

並列關鍵字

credit rating ； rating agency ； NRSRO ； Moody's ； S&P