金融研究
金融研究
금융연구
Journal of Financial Research
2013年
8期
150~164
,共null页
信用评级维持与调增 声誉机制 募集资金用途
信用評級維持與調增 聲譽機製 募集資金用途
신용평급유지여조증 성예궤제 모집자금용도
The maintain and upgrade of credit rating; Reputation mechanism; The purpose of raised funds.
本文以2009~2012年银行间债券市场发行的中期票据为样本,检验信用评级的债务融资成本效应在我国债券市场的适用性与作用机理。结果显示:(1)信用评级越高,中期票据融资成本越低,且相对主体评级,债项评级融资成本效应更强;(2)发行前主体评级调增和较低的评级机构声誉均会减弱信用评级的融资成本效应;(3)国有产权和公司上市也会削弱信用评级的融资成本效应,但募集资金仅为还贷时,信用评级的融资成本效应更大。这些结论有助于丰富信息披露、债务融资成本及声誉机制类文献。
本文以2009~2012年銀行間債券市場髮行的中期票據為樣本,檢驗信用評級的債務融資成本效應在我國債券市場的適用性與作用機理。結果顯示:(1)信用評級越高,中期票據融資成本越低,且相對主體評級,債項評級融資成本效應更彊;(2)髮行前主體評級調增和較低的評級機構聲譽均會減弱信用評級的融資成本效應;(3)國有產權和公司上市也會削弱信用評級的融資成本效應,但募集資金僅為還貸時,信用評級的融資成本效應更大。這些結論有助于豐富信息披露、債務融資成本及聲譽機製類文獻。
본문이2009~2012년은행간채권시장발행적중기표거위양본,검험신용평급적채무융자성본효응재아국채권시장적괄용성여작용궤리。결과현시:(1)신용평급월고,중기표거융자성본월저,차상대주체평급,채항평급융자성본효응경강;(2)발행전주체평급조증화교저적평급궤구성예균회감약신용평급적융자성본효응;(3)국유산권화공사상시야회삭약신용평급적융자성본효응,단모집자금부위환대시,신용평급적융자성본효응경대。저사결론유조우봉부신식피로、채무융자성본급성예궤제류문헌。
This paper studies the mechanism of credit rating by using all firms that had issued MTN in the inter - bank market from 2009 to 2012. We find that ( 1 ) the higher the credit rating, the lower the cost, and bond rating is more obviously than firm rating; (2) upgrade of rating before issue and lower reputation of rating agen- cies can weaken the effect of rating on cost; (3) state ownership and listed characteristics can also weaken the effect, but only to repay loans can strengthen this effect. The conclusion contributes to literatures relating infor- mation disclosure, cost of debt, and reputation mechanism.