中国信用评级认可度研究

发布时间：2018-06-29 16:58

本文选题：信用评级 + 认可度　；参考：《南京大学》2012年硕士论文

【摘要】：信用评级在中国已经发展了20多年,相对于发达国家起步较晚,长期以来,由于声誉资本的缺乏、运行体制的不完善以及评级方法的相对落后,导致在社会上形成一种偏见,那就是信用评级在中国的认可度很低,信用评级似乎可有可无。那么事实情况真的是这样的吗? 由于认可度的问题更多地涉及到市场的行为倾向,本文尝试从信用评级对市场行为引导的结果,也就是信用评级对市场融资成本的影响来说明市场对其的认可度问题。本文收集了中国债券市场的一些评级数据(包括企业债公司债和中期票据两个不同期限的债券品种),分为两个市场实证分析了信用评级对中国债券市场融资成本的影响程度,并从影响力这个角度来说明中国信用评级的受认可情况。采取的方法说明如下：在正常情况下(市场认可信用评级),一个企业的信用评级越高,那么其面临的风险应该是越低的,所以当发行债券时,它能够以越低的成本发行。当市场对信用评级不认可时,评级信息将对融资成本不会产生上述影响。如果实证分析的结果与正常情况产生的影响一致,那么可以从某种程度上说明市场确实将评级信息作为投资决策的参考因素之一,也就是市场认可并接受债券评级信息。本文得出的结论是：债券市场上的投资者对信用评级的认可程度是分化的,在企业债公司债等长期债券品种市场上其认可度较低,而在中期票据市场上有较高的认可度。这与目前社会对信用评级的认识并不一致,说明我国信用评级经过一段时间的发展,已经逐步在发挥其作用,本文的研究结果对中国信用评级的公信力形成具有一定的推动作用。
[Abstract]:Credit rating has been developed in China for more than 20 years and started late compared with developed countries. For a long time, due to the lack of reputation capital, imperfect operation system and relatively backward rating methods, a kind of prejudice has been formed in the society. That is, the credit rating in China is very low recognition, credit rating seems dispensable. So is that really the case? Because the problem of recognition is more related to the behavior tendency of market, this paper tries to explain the problem of market acceptance from the effect of credit rating on market behavior, that is, the influence of credit rating on market financing cost. This paper collects some rating data of China's bond market (including corporate bonds and medium-term notes with two different maturities), and analyzes the impact of credit rating on the financing costs of China's bond market. And from the impact of this point of view to illustrate the recognition of China's credit rating. Under normal circumstances, the higher a company's credit rating is, the lower the risk it faces, so when it issues bonds, it can issue them at a lower cost. When the market does not approve of the credit rating, rating information will not have the impact on financing costs. If the results of empirical analysis are consistent with the impact of normal circumstances, it can be explained to some extent that the market does take the rating information as one of the reference factors for investment decision, that is, the market recognizes and accepts the bond rating information. The conclusion of this paper is as follows: the degree of recognition of credit rating by investors in bond market is differentiated, and in the market of long-term bonds such as corporate bonds, the recognition degree is relatively low, while in the market of medium-term notes there is a higher degree of recognition. This is not consistent with the current understanding of credit rating in society. It shows that our country's credit rating has gradually played its role after a period of development. The results of this paper have a certain role in promoting the credibility of China's credit rating.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F233

【参考文献】