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评级机构因为其自身行为的不诚信,对于危机的发生和严重化起到“推波助澜”的不利作用。也因此,在学术界出现了加强监管,加强监管机构权力,通过监管机构的执法保证证券市场诚信的声音。本文认为,从国家和社会的关系角度、政府和市场的关系角度、“管理”到“治理”的理念变迁,以及证券市场中固有的信息不对称,普通投资者需要中介机构弥补其投资能力缺失等方面进行分析,作为证券市场中市场化的中介评级机构的作用并不能简单以政府监管进行替代,评级机构仍有其自身存在的独立地位和价值,但至少应从监管、治理结构、问责三个方面予以完善。
Rating agencies because of their own acts of dishonesty, for the occurrence and severity of the crisis played a “boost” the adverse effects. Therefore, in academia, there has been a sound of strengthening supervision, strengthening the power of the regulatory agencies and ensuring the integrity of the securities market through the law enforcement agencies. This paper argues that from the perspective of the relationship between state and society, the relationship between government and market, the change of concept of “management” to “governance” and the inherent asymmetry of information in the securities market, ordinary investors need intermediaries to make up Its lack of investment ability and other aspects of analysis, as a market-based intermediary rating agencies in the securities market, the role of agency can not simply be replaced by government regulation, rating agencies still have their own independent status and value, but at least from the regulatory and governance structure , Accountability to be improved in three areas.