Gatekeeping by Information Intermediaries of Capital Markets : the examples of Statutory Audit, Credit Rating and Financial Analysis

本研究旨在确定一种监管策略的潜在机会和风险，这种策略依赖于资本市场私人信息中介机构的所谓把关功能。到目前为止，几个学科的讨论都是分开进行的。这项研究将试图将见解联系起来。资本市场中最相关的信息中介是审计师、评级机构和金融分析师。他们的信息服务有助于克服金融市场上提供方和需求方之间的信息不对称。审计报告中的资格限制、评级下调或金融分析师的出售建议增加了发行人的财务成本。这是对发行者的市场准入进行私人控制的一种形式（看门人）。与金融监管机构相比，信息中介机构之间的私人竞争可以依靠更好的信息，更具成本效益。例如，金融机构的监管资本是根据相关债务的信用评级来衡量的。这是将私人信息服务纳入金融监督和主要管理任务的一个例子。企业突然倒闭的经历，以及最近金融市场危机的经历，让我们认为，私人信息中介机构履行的把关职能存在结构性缺陷。到目前为止，法律上的反应相当消极，主要是由丑闻驱动的。进行的研究主要集中在单一形式的信息中介，而不是功能性社区。建议的研究应结合法律研究的现状和邻近学科的见解，特别是从跨学科的法律和经济学研究的角度。研究结果将有助于对信息中介的更可持续的理解，以期在未来更可持续的资本市场监管。

The research aims to identify the potential chances and risks of a regulatory strategy, which relies on the so called gatekeeping function of private information intermediaries of capital markets. So far, discussions in several disciplines have been conducted rather separately. The research will try to connect insights. The most relevant information intermediaries of capital markets are auditors, rating-agencies and financial analysts. Their information services help to overcome information asymmetries between the offer and the demand side in financial markets. A qualification in the auditor report, a rating downgrade or a financial analyst sell recommendation increase the finance costs of the issuer. This is a form of private control over the market access of an issuer (gatekeeping). Compared to financial supervisory authorities private competition between information intermediaries can rely on better information and be more cost efficient. For example, the regulatory capital of financial institutions is measured against credit ratings of the underlying debts. This is an example of an integration of private information services into financial supervision and into primarily regulatory tasks. Experiences with sudden corporate collapses and, last not least, with the recent financial market crisis let us assume that there are structural shortcomings of the gatekeeping function performed by private information intermediaries. Legal reactions so far have been rather reactive and mainly scandal driven. Research has been conducted with a main focus on single forms of information intermediation rather than on functional communalities. The proposed research shall combine the state of legal research with insights from neighbouring disciplines, especially from the perspective of interdisciplinary law and economics research. The research outcome shall contribute to a more sustainable understanding of information intermediation with a view to a more sustainable capital market regulation in the future.