本文選題：信用評(píng)級(jí) + 認(rèn)可度　； 參考：《南京大學(xué)》2012年碩士論文

【摘要】：信用評(píng)級(jí)在中國已經(jīng)發(fā)展了20多年,相對(duì)于發(fā)達(dá)國家起步較晚,長(zhǎng)期以來,由于聲譽(yù)資本的缺乏、運(yùn)行體制的不完善以及評(píng)級(jí)方法的相對(duì)落后,導(dǎo)致在社會(huì)上形成一種偏見,那就是信用評(píng)級(jí)在中國的認(rèn)可度很低,信用評(píng)級(jí)似乎可有可無。那么事實(shí)情況真的是這樣的嗎? 由于認(rèn)可度的問題更多地涉及到市場(chǎng)的行為傾向,本文嘗試從信用評(píng)級(jí)對(duì)市場(chǎng)行為引導(dǎo)的結(jié)果,也就是信用評(píng)級(jí)對(duì)市場(chǎng)融資成本的影響來說明市場(chǎng)對(duì)其的認(rèn)可度問題。本文收集了中國債券市場(chǎng)的一些評(píng)級(jí)數(shù)據(jù)(包括企業(yè)債公司債和中期票據(jù)兩個(gè)不同期限的債券品種),分為兩個(gè)市場(chǎng)實(shí)證分析了信用評(píng)級(jí)對(duì)中國債券市場(chǎng)融資成本的影響程度,并從影響力這個(gè)角度來說明中國信用評(píng)級(jí)的受認(rèn)可情況。采取的方法說明如下：在正常情況下(市場(chǎng)認(rèn)可信用評(píng)級(jí)),一個(gè)企業(yè)的信用評(píng)級(jí)越高,那么其面臨的風(fēng)險(xiǎn)應(yīng)該是越低的,所以當(dāng)發(fā)行債券時(shí),它能夠以越低的成本發(fā)行。當(dāng)市場(chǎng)對(duì)信用評(píng)級(jí)不認(rèn)可時(shí),評(píng)級(jí)信息將對(duì)融資成本不會(huì)產(chǎn)生上述影響。如果實(shí)證分析的結(jié)果與正常情況產(chǎn)生的影響一致,那么可以從某種程度上說明市場(chǎng)確實(shí)將評(píng)級(jí)信息作為投資決策的參考因素之一,也就是市場(chǎng)認(rèn)可并接受債券評(píng)級(jí)信息。本文得出的結(jié)論是：債券市場(chǎng)上的投資者對(duì)信用評(píng)級(jí)的認(rèn)可程度是分化的,在企業(yè)債公司債等長(zhǎng)期債券品種市場(chǎng)上其認(rèn)可度較低,而在中期票據(jù)市場(chǎng)上有較高的認(rèn)可度。這與目前社會(huì)對(duì)信用評(píng)級(jí)的認(rèn)識(shí)并不一致,說明我國信用評(píng)級(jí)經(jīng)過一段時(shí)間的發(fā)展,已經(jīng)逐步在發(fā)揮其作用,本文的研究結(jié)果對(duì)中國信用評(píng)級(jí)的公信力形成具有一定的推動(dòng)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.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F233

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本文編號(hào)：2082771