信用评级与公司超额现金持有——债务危机下信用评级的微观角色分析  

Credit Ratings and Excess Cash Holdings:The Micro Role of Credit Rating under Debt Crisis

作　　者：施燕平[1] 刘娥平[2] 唐舜 

机构地区：[1]广州大学,广东广州510006 [2]中山大学,广东广州510000

出　　处：《财贸研究》2015年第5期116-124,130,共10页Finance and Trade Research

基　　金：国家自然科学基金项目"可转换债券融资下的委托代理与公司价值研究"(70872116)

摘　　要：为研究信用评级对公司内部现金持有政策的影响,选取2007—2013年间发行公司债券且具有信用评级的上市公司为样本,以多元线性回归模型与事件研究法检验公司信用评级与超额现金持有之间的关系。结果发现,公司获得首次信用评级前后的超额现金持有水平呈先上升后下降的趋势;当公司的信用评级带有"+"或"-"符号时,越接近评级调整的临界状态,其超额现金持有水平将显著高于其他公司,信用评级在微观层面显著影响公司的现金持有政策。In order to study the impact of credit ratings on the internal liquidity policy,this paper selects the listed companies that issuing corporate bonds and has credit ratings between 2007- 2013 as samples to test the relationships between credit ratings and excess cash holdings with multivariate linear regression model and event study. The empirical results point out that around the initial credit rating,company ' s excess cash holdings keep rising and then become a sustained downw ard. When the company ' s rating with a'+ 'or'- 'symbol,their excess cash holdings are significantly higher than other companies,and credit ratings significantly affect the company 's cash holdings policy at the micro- level.

关 键 词：信用评级 超额现金持有 信用评级调整预期 

分 类 号：F275[经济管理—企业管理]