管理层能力、信息披露质量与企业信用评级

发布时间：2018-09-01 09:47

【摘要】：本文借鉴Demerjian等(2012)的方法度量管理层能力,并以2010-2014年进行信用评级的中国A股上市公司作为样本,探讨管理层能力与企业信用评级的关系,以及信息披露质量如何影响评级机构对管理层能力的判断。研究发现:(1)在控制其他变量的前提下,随着管理层能力的提升,企业的信用评级也会越高,表明评级机构在信用评级中确实考虑了管理层能力的高低。(2)企业的信息披露质量会影响评级机构对管理层能力的判断。信息披露质量越高,评级机构就越容易以此评判管理层的真实能力,并将其在信用评级中体现出来。(3)管理层能力与企业信用评级的关系,并非由于低声誉评级机构为迎合发债企业需求、扩大市场份额而有意降低评级质量造成,而是由于高声誉评级机构确实能够更好地判别和度量管理层能力所致。本文不仅从理论上拓展了信用评级影响因素的研究,而且有助于更好地了解、引导和规范评级机构的信用评级行为。
[Abstract]:This paper uses Demerjian et al. (2012) to measure the ability of management, and takes Chinese A-share listed companies with credit rating in 2010-2014 as a sample to explore the relationship between management ability and enterprise credit rating. And how the quality of information disclosure affects the rating agency's ability to judge management. The study found that: (1) under the premise of controlling other variables, with the improvement of management ability, the credit rating of enterprises will be higher. It shows that the rating agencies do consider the management ability in the credit rating. (2) the quality of information disclosure will affect the rating agencies' judgment on the management ability. The higher the quality of information disclosure, the easier it is for the rating agencies to judge the true ability of the management and reflect it in the credit rating. (3) the relationship between the management ability and the credit rating of the enterprise. It is not because low reputation rating agencies deliberately reduce the quality of ratings to meet the needs of issuers and expand market share, but because high reputation rating agencies do better judge and measure management ability. This paper not only extends the research on the influencing factors of credit rating theoretically, but also helps to better understand, guide and standardize the credit rating behavior of rating agencies.
【作者单位】：厦门大学管理学院;厦门大学经济学院;
【基金】：国家自然科学基金项目“企业债券市场发展与企业财务政策选择”(71372072);国家自然科学基金项目“中国上市公司关联交易研究:动机、经济后果与治理机制”(71572165) 教育部新世纪优秀人才支持计划(NCET-13-0507)
【分类号】：F275

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