资信评级机构注意义务的认定标准与责任分配  

Criteria for Determining the Duty of Care and Allocation of Responsibility of Credit Rating Agencies

作　　者：史淑梅 王钟萍 杨东[2,3] 

机构地区：[1]大公国际资信评估有限公司 [2]中国人民大学法学院 [3]中国证券法学研究会

出　　处：《金融市场研究》2023年第1期62-71,共10页Financial Market Research

基　　金：大公国际资信评估有限公司与中国人民大学法学院联合申报的中国证券业协会2022年重点研究课题“完善市场化法治化债券违约机制研究”(2022SACKT095)的阶段性成果。

摘　　要：在债券市场虚假陈述案件中,资信评级机构相比于其他中介机构具有一定特殊性,需具体厘清其注意义务的认定标准问题与责任分配问题。资信评级机构注意义务的认定可以考虑摒弃传统的“行业惯例”或“司法判断”一元判断标准,参考“商事判断”的公司治理准则,走向行业惯例与司法自由心证相结合的道路。责任分配问题应当在区别一般注意义务与特别注意义务的基础之上,厘清注意义务与连带责任承担的机理,合理界定资信评级机构的“过错”,按照一般侵权责任的构成要件予以证成。In the case of misrepresentation in the bond market, credit rating agencies have certain special characteristics compared with other intermediaries, and it is necessary to clarify the criteria of recognition of their duty of care and the allocation of responsibility. The determination of the duty of care of credit rating agencies may need to abandon the traditional "industry practice" or "judicial judgment" standard and refer to the "commercial judgment" corporate governance guidelines. The allocation of responsibility should be based on the distinction between general duty of care and special duty of care, reasonably define what constitutes a "fault" of credit rating agencies, and prove their case in accordance with the elements of general tort liability.

关 键 词：资信评级机构 虚假陈述 注意义务 责任分配 

分 类 号：D922.287[政治法律—经济法学] F832.51[政治法律—法学]