金融市场的信息不对称催生了信用评级机构的诞生。自1909年穆迪公司创立起的百余年来,评级机构凭借凭借其信息媒介的特殊功能,在缓解信息不对称、降低各方成本、揭示和防范信用风险、提高市场效率等方面发挥着难以替代的作用,获得资本市场“看门人”的美誉,并日益成为国家和世界金融体系的主宰,以致《纽约时报》专栏作家米尔顿·弗里德曼也不由感慨:“世界上有两个超级强权……美国和穆迪的债券评级服务……他们 Asymmetric information in financial markets has given birth to credit rating agencies. Since the establishment of Moody’s in 1909, rating agencies rely on the special functions of their information media to ease the asymmetric information, reduce the cost of all parties, reveal and prevent credit risks, and improve market efficiency. The role of substitution, gaining the reputation of a capital market ”gatekeeper“ and increasingly domination of the national and world financial systems led Milwaukee Friedman, the New York Times columnist, to wonder: ”The world has Two super-powers ... US and Moody’s bond rating service ... they