经济与管理研究
經濟與管理研究
경제여관리연구
RESEARCH ON ECONOMICS AND MANAGEMENT
2015年
7期
44-52
,共9页
信用评级高估%融资歧视%公司债定价%所有制性质
信用評級高估%融資歧視%公司債定價%所有製性質
신용평급고고%융자기시%공사채정개%소유제성질
credit rating inflation%discrimination on financing%corporate bond pricing%ownership nature
为了分析发债主体所有制性质对公司债发行定价影响的作用机理，从信用评级高估的假设出发，将所有制性质的定价作用区分为直接效应和间接效应，基于贝叶斯法则得出两个推断：评级高估会导致发债主体所有制性质对公司债发行定价的直接效应；高信用等级公司债发行定价会受到发债主体所有制性质的直接影响，低信用等级公司债则不然。通过对2007—2013年沪深两市公开发行的公司债进行实证分析，推断得到了验证。这些分析有利于剖析民营企业融资歧视的形成机制。
為瞭分析髮債主體所有製性質對公司債髮行定價影響的作用機理，從信用評級高估的假設齣髮，將所有製性質的定價作用區分為直接效應和間接效應，基于貝葉斯法則得齣兩箇推斷：評級高估會導緻髮債主體所有製性質對公司債髮行定價的直接效應；高信用等級公司債髮行定價會受到髮債主體所有製性質的直接影響，低信用等級公司債則不然。通過對2007—2013年滬深兩市公開髮行的公司債進行實證分析，推斷得到瞭驗證。這些分析有利于剖析民營企業融資歧視的形成機製。
위료분석발채주체소유제성질대공사채발행정개영향적작용궤리，종신용평급고고적가설출발，장소유제성질적정개작용구분위직접효응화간접효응，기우패협사법칙득출량개추단：평급고고회도치발채주체소유제성질대공사채발행정개적직접효응；고신용등급공사채발행정개회수도발채주체소유제성질적직접영향，저신용등급공사채칙불연。통과대2007—2013년호심량시공개발행적공사채진행실증분석，추단득도료험증。저사분석유리우부석민영기업융자기시적형성궤제。
In order to clarify how the issuers’ownership nature influences the corporate bond pricing,a Bayesian-Rule model is constructed based on the hypothesis of credit rating inflation,and the direct effect of ownership nature on the corporate bond pricing is disentangled from the indirect effect.Two corollaries are derived from the model:the direct effect is induced by the credit rating inflation;the pricing of high rating corporate bonds is directly influenced by the issuers’ ownership nature,but not the low rating ones.These two corollaries are verified by empirical tests with the sample of public corporate bonds listed in Shanghai /Shenzhen Security Exchange from 2007 to 2013.The study could promote thorough analysis on the mechanism of private enterprises’disadvantage on financing costs.
