学术
摘 要:
影响我国债券评级的决定因素有以下三点：（1）影响债券评级最关键的因素是发债企业总资产的规模，即企业资产规模越大，其评级越高；（2）政府政策对该发债项目或行业支持与否对债券评级有正的影响，即发债项目或其所在行业是有国家政策明确支持的，其评级可能越高；（3）企业的财务风险如资产负债率和长期负债比率等对债券评级没有显著的影响，企业的绩效如资产收益率对债券评级也没有显著的影响。目前评级机构的评级不能反映企业财务风险与绩效的好坏，债券上市后评级的动态调整也几乎不存在。这说明我国目前企业债券市场的信用风险评级与欧美的债券市场存在极大的差异。[著者文摘]
文章出处:
《当代财经》-2008年2期 -39-48页
栏目信息:
分 类 号:
文献标识码:
A
文章编号:
1005-0892（2008）02-0039-10
Enterprise Bond Financing, Financial Risk, and Credit Rating： Evidence from China
CHEN Chao, GUO Zhi-ming （Fudan University, Shanghai 200433; Nankai University, Tianjing 300071）
Abstract:
This paper analyzes the relationship between enterprise bond financing, financial risk, firm performance, and bond rating in China. Using the logistic analysis, we find that the credit rating of enterprise bond in China is determined by the size of the issuing firm and the support by government policy. The financial risk and firm performance do not have significant influence on bond ratings in China. The current rating agencies do not give an indication of the financial performance and risk of the enterprises rated and there is almost no adjustment of the rating after a company is listed This is the most obvious difference between the rating in America and China.[著者文摘]
Key words:
Enterprise bond, Financial risk, Bond rating, firm performance
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