【摘要】：公司的風險承擔水平顯著影響信用評級,進而影響公司債券的發(fā)行資格與融資成本,因此發(fā)債公司存在基于評級的風險承擔策略調整動機。文章考察了發(fā)債公司獲得首次評級前風險承擔水平的變化情況,并檢驗了風險承擔水平對首次信用評級的影響及其市場反應。研究發(fā)現(xiàn):在獲得首次信用評級前,公司的風險承擔水平持續(xù)下降,而后緩慢回升,公司存在調整風險承擔水平以迎合評級需求的行為;風險承擔水平與主體信用評級顯著負相關;基于信用評級的中介效應,風險承擔水平與債券融資成本顯著正相關。公司通過策略性地調整風險承擔水平,可獲得較為理想的主體信用評級,并實現(xiàn)融資成本的有效節(jié)約。
[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.
【作者單位】： 廣東財經大學會計學院;廣州大學經濟與統(tǒng)計學院;中山大學管理學院;
【基金】：國家自然科學基金面上項目(71672198) 教育部人文社科規(guī)劃項目(17YJC790124) 廣東省自然科學基金項目(2017A030310582) 廣東省教育廳特色創(chuàng)新項目(2016WTSCX042) 廣東省教育廳青年人才創(chuàng)新項目(2016WQNCX123)
【分類號】：F275

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