内部治理因素对公司债券评级的影响研究

发布时间：2018-06-06 10:16

  本文选题：公司内部治理 + 公司债券　； 参考：《南京大学》2017年硕士论文

【摘要】：在债券市场连年持续快速成长的背景下,本文探讨了公司内部治理因素对公司债券发行主体的主体评级以及债券评级的影响。本文基于2007-2015年万德数据库中统计的上市公司债券数据为样本,从股权结构与集中度、董事会结构、高级管理层持股以及财务透明和信息披露等方面选取多个变量来衡量发行主体的内部治理水平,并选取Ordered Logit多元线性回归模型实证分析了其分别对主体评级和债券评级的影响。研究主要发现:公司内部治理因素对主体评级和债券评级都产生了一定影响,并且影响主要体现在公司内部治理因素的股权结构与控股股东方面,然而其他治理因素的作用效果不明显。具体来说,在加入财务特征控制变量后,主体评级明显正相关于国有控股、第一大股东持股比例、第二到第十大股东持股比例以及高管中持股人数的比例,明显负相关于董事中持股人数的比例;在加入财务特征以及债券特征控制变量后,债券评级明显正相关于国有控股和高管中持股人数的比例,明显负相关于董事中持股人数的比例。除此之外,本文的结果显示债券特征因素,尤其是担保提高债券评级的作用非常明显。总而言之,本文认为公司内部治理因素是影响公司债券信用评级的重要因素。在债券市场上,评级机构比较关注公司内部治理的股权结构和控股股东方面,包括股权性质和股权集中度等。同时,本文发现改变相应治理指标可以改善债券的信用评级,比如提高第一大股东持股比例、高管中持股人数比例或者减少董事中持股人数比例等。这有利于促使公司债券的发行人更加重视公司内部治理水平,通过改善相关指标提高主体评级以及债券评级;同时也有助于投资者通过考察债券发行主体的公司内部治理水平来判断其信用水平,做出理性的投资决策。
[Abstract]:In the context of the continuous and rapid growth of the bond market, this paper discusses the influence of corporate internal governance factors on the main ratings and bond ratings of corporate bond issuers. Based on the data of listed company bonds from 2007 to 2015 in Wande database, this paper is based on the ownership structure and concentration, board of directors structure, The senior management stock holding, financial transparency and information disclosure are selected to measure the internal governance level of the issuer, and the Ordered Logit multiple linear regression model is selected to empirically analyze its impact on the principal rating and bond rating. The main findings are as follows: the internal corporate governance factors have a certain impact on the main ratings and bond ratings, and the impact is mainly reflected in the equity structure and controlling shareholders of corporate governance factors. However, the effect of other governance factors is not obvious. Specifically, after adding the control variable of financial characteristics, the subject rating is positively related to the proportion of state-owned holding, the proportion of the first largest shareholder, the second to the tenth shareholder, and the proportion of the number of senior executives holding shares. After adding the financial characteristics and the controlling variables of bond characteristics, the bond rating is positively related to the proportion of the number of state-owned holding shares and the number of senior executives holding shares. There is a negative correlation between the number of shareholders and the proportion of directors. In addition, the results of this paper show that bond characteristics, especially the role of guarantee to improve the bond rating is very obvious. In a word, this paper thinks that the internal governance is an important factor affecting the credit rating of corporate bonds. In the bond market, rating agencies pay more attention to the ownership structure and controlling shareholders of the internal governance of the company, including the nature of equity and concentration of equity. At the same time, it is found that changing the corresponding governance indicators can improve the credit rating of bonds, such as increasing the proportion of the largest shareholders, the proportion of senior managers holding shares or reducing the proportion of directors holding shares, and so on. This will promote the issuer of corporate bonds to pay more attention to the level of corporate governance, through the improvement of related indicators to improve the main rating and bond rating; At the same time, it is helpful for investors to judge their credit level and make rational investment decisions by investigating the internal governance level of bond issuers.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F832.51
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本文编号：1986175