风险承担与公司债券融资成本:基于信用评级的策略调整视角

发布时间：2019-01-04 11:46

【摘要】：公司的风险承担水平显著影响信用评级,进而影响公司债券的发行资格与融资成本,因此发债公司存在基于评级的风险承担策略调整动机。文章考察了发债公司获得首次评级前风险承担水平的变化情况,并检验了风险承担水平对首次信用评级的影响及其市场反应。研究发现:在获得首次信用评级前,公司的风险承担水平持续下降,而后缓慢回升,公司存在调整风险承担水平以迎合评级需求的行为;风险承担水平与主体信用评级显著负相关;基于信用评级的中介效应,风险承担水平与债券融资成本显著正相关。公司通过策略性地调整风险承担水平,可获得较为理想的主体信用评级,并实现融资成本的有效节约。
[Abstract]:The risk-bearing level of the company has a significant impact on the credit rating, which in turn affects the qualification and financing cost of the corporate bonds. Therefore, the issuer has the motivation to adjust the risk-taking strategy based on the rating. This paper examines the changes of the risk-taking level before the issuer gets the first rating, and examines the influence of the risk-taking level on the first-time credit rating and its market reaction. The study found that: before obtaining the first credit rating, the risk assumption level of the company continued to decline, then slowly recovered, the company has the behavior of adjusting the risk assumption level to meet the rating demand; Based on the intermediary effect of credit rating, the level of risk bearing is positively correlated with bond financing cost. By strategically adjusting the risk assumption level, the company can obtain the ideal credit rating and realize the effective saving of the financing cost.
【作者单位】：广东财经大学会计学院;广州大学经济与统计学院;中山大学管理学院;
【基金】：国家自然科学基金面上项目(71672198) 教育部人文社科规划项目(17YJC790124) 广东省自然科学基金项目(2017A030310582) 广东省教育厅特色创新项目(2016WTSCX042) 广东省教育厅青年人才创新项目(2016WQNCX123)
【分类号】：F275

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