信用评级、担保机制对企业债券融资成本的影响
Research on the impact of credit rating and guarantee mechanism on the cost of enterprise bond financing
本文选取2008年至2016年在我国沪深交易所和银行间市场发行的2950支企业债券为研究样本，通过分析我国企业债券市场发展现状，以信息不对称理论和信号传递理论为理论基础，提出研究假设并进行实证检验和结果分析。研究结果显示：信用评级与企业债券融资成本之间呈现显著负相关关系，且相比企业的主体信用评级，企业的债项评级更能直接揭示企业的信用水平，对融资成本效应的解释力度更强；此外，有担保的债券融资成本比没有担保的债券融资成本更低。
In this paper, the research sample is all the 2950 public issuance enterprise bonds from2008 to 2016 in Shanghai and Shenzhen Stock Exchanges and inter-bank market. By analyzing the present situation of the development of enterprise bond market in China and on basic of asymmetric information theory, and signaling theory, this paper puts forward the research hypothesis to carry out empirical test and results analysis.The results show that there isa significant negative correlationtbetween credit rating and the bond financing cost .In other words, the higher the credit rating, the lower the cost, and bond rating is more obviously thanfirm rating. In addition, guarantee could increase the cost ofenterprise bonds.
刘宛晨、杨慧凤
财政、金融
企业债券债券融资成本信用评级担保
Enterprise bondsBond financing costsredit ratingGuarantee
刘宛晨,杨慧凤.信用评级、担保机制对企业债券融资成本的影响[EB/OL].(2017-05-12)[2025-08-24].http://www.paper.edu.cn/releasepaper/content/201705-792.点此复制
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