本文選題：信用評級 + 債券增信��； 參考：《上海金融》2017年02期

【摘要】：本文以2010年1月至2016年9月發(fā)行的中期票據(jù)為樣本進(jìn)行了實(shí)證,證實(shí)在中期票據(jù)市場上信用評級能夠減少市場上的信息不對稱,從而顯著影響發(fā)行人的融資成本。發(fā)行人通過債券增信能夠降低融資成本,通過專業(yè)擔(dān)保機(jī)構(gòu)進(jìn)行的增信比關(guān)聯(lián)企業(yè)的增信更有利于降低發(fā)行人的融資成本。研究還發(fā)現(xiàn)城投債和國有企業(yè)性質(zhì)的產(chǎn)業(yè)債存在隱性擔(dān)保,這種隱性擔(dān)保也能夠在一定程度上降低發(fā)行人的融資成本,隱性擔(dān)保的行政級別越高、財(cái)政實(shí)力越好越有利于降低發(fā)行人融資成本。對于不同主體評級的中期票據(jù)增信效果是不同的,當(dāng)發(fā)行人和擔(dān)保人或隱性擔(dān)保人的信用水平差別越大,降低融資成本的效果越明顯。
[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.
【作者單位】： 華東師范大學(xué)經(jīng)濟(jì)學(xué)院金融系;
【基金】：國家社會(huì)科學(xué)基金項(xiàng)目“開放與變革條件下我國銀行和信托風(fēng)險(xiǎn)的測度與管理”(14ZDA025)
【分類號】：F832.51

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