证券市场导报
證券市場導報
증권시장도보
Securities Market Herald
2015年
3期
53~57
,共null页
债券评级 企业债券 企业属性 真实利息成本
債券評級 企業債券 企業屬性 真實利息成本
채권평급 기업채권 기업속성 진실이식성본
bond ratings; corporate bond; enterprise identity; true interest cost
债券评级市场效率可以通过债券评级对债券发行成本的影响反映出来。本文从企业属性角度对我国债券评级市场效率进行定量化研究,选取2007~2013年间发行的国企债券和民企债券数据,对不同企业属性下债券评级对债券发行成本的影响力进行实证研究和比较分析。结果表明,我国债券评级市场总体上是有效的,债券评级对债券发行成本具有显著影响力,但债券评级在民企债券市场效率高于国企债券市场。本文根据这一研究结果揭示债券评级在我国债券市场上发挥作用的局限性及未来改进方向。
債券評級市場效率可以通過債券評級對債券髮行成本的影響反映齣來。本文從企業屬性角度對我國債券評級市場效率進行定量化研究,選取2007~2013年間髮行的國企債券和民企債券數據,對不同企業屬性下債券評級對債券髮行成本的影響力進行實證研究和比較分析。結果錶明,我國債券評級市場總體上是有效的,債券評級對債券髮行成本具有顯著影響力,但債券評級在民企債券市場效率高于國企債券市場。本文根據這一研究結果揭示債券評級在我國債券市場上髮揮作用的跼限性及未來改進方嚮。
채권평급시장효솔가이통과채권평급대채권발행성본적영향반영출래。본문종기업속성각도대아국채권평급시장효솔진행정양화연구,선취2007~2013년간발행적국기채권화민기채권수거,대불동기업속성하채권평급대채권발행성본적영향력진행실증연구화비교분석。결과표명,아국채권평급시장총체상시유효적,채권평급대채권발행성본구유현저영향력,단채권평급재민기채권시장효솔고우국기채권시장。본문근거저일연구결과게시채권평급재아국채권시장상발휘작용적국한성급미래개진방향。
The efficiency of bond rating market can be reflected by the impact of ratings on issuing costs. This article made a quantitative study on the efficiency of China＇s bond rating market from the view of enterprise identity by selecting bond data of state-owned enterprises and private enterprises from 2007 to 2013 together with by doing empirical research and comparative analysis on influence power of bond ratings on issuing costs for different enterprise identity. The results show that China＇s bond rating market is effective on the whole, bond rating has a significant influence on issuing costs, but the efficiency of bond ratings is higher in private enterprise bond market than in state-owned market. The research reveals the limitation of bond rating＇s influence on China＇s bond market and directions for future improvement.
