信用评级、债券增信与中期票据融资成本

发布时间：2018-06-18 02:22

本文选题：信用评级 + 债券增信　；参考：《上海金融》2017年02期

【摘要】：本文以2010年1月至2016年9月发行的中期票据为样本进行了实证,证实在中期票据市场上信用评级能够减少市场上的信息不对称,从而显著影响发行人的融资成本。发行人通过债券增信能够降低融资成本,通过专业担保机构进行的增信比关联企业的增信更有利于降低发行人的融资成本。研究还发现城投债和国有企业性质的产业债存在隐性担保,这种隐性担保也能够在一定程度上降低发行人的融资成本,隐性担保的行政级别越高、财政实力越好越有利于降低发行人融资成本。对于不同主体评级的中期票据增信效果是不同的,当发行人和担保人或隐性担保人的信用水平差别越大,降低融资成本的效果越明显。
[Abstract]:This paper takes the interim notes issued from January 2010 to September 2016 as a sample to prove that credit rating in the market can reduce the information asymmetry in the market and thus significantly affect the financing cost of the issuer. The issuer can reduce the financing cost through the bond credit increase, and the credit enhancement through the professional guarantee organization is more helpful to reduce the financing cost of the issuer than that of the affiliated enterprise. The study also found that there are implicit guarantees in the city investment debt and the industrial debt of state-owned enterprises, which can also reduce the financing cost of the issuer to a certain extent, and the higher the administrative level of the implicit guarantee is, The better the financial strength, the more conducive to reducing the issuer's financing costs. When the credit level of issuer and guarantor or implicit guarantor is different, the effect of reducing financing cost is more obvious.
【作者单位】：华东师范大学经济学院金融系;
【基金】：国家社会科学基金项目“开放与变革条件下我国银行和信托风险的测度与管理”(14ZDA025)
【分类号】：F832.51

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