担保机制对固定收益企业债信用等级迁移的影响  

The Effect of Guarantee on Credit Rating Transitions for Corporate Bonds with Fixed-income

作　　者：孙克[1] 

机构地区：[1]嘉兴学院商学院,浙江嘉兴314001

出　　处：《嘉兴学院学报》2015年第3期86-91,共6页Journal of Jiaxing University

基　　金：浙江省自然科学基金项目(LQ12G01003);浙江省访问学者专业发展项目(FX2013106)

摘　　要：采用logistic回归模型对担保机制就固定收益企业债信用等级迁移的影响予以检验,研究结果表明,企业偿债能力和盈利能力指标的变化都对企业债的信用等级迁移具有显著影响,尤其应该关注资产负债率的变化,而在财务指标一定的条件下,没有抵押或担保的企业债发生信用降级的概率会增大,说明担保机制的存在确实会使得担保债获得更高的信用等级。This paper just tests the effect that logistic regression model has on the transition of credit rating.The results show that solvency ratios and profitability ratios do affect the transition of credit rating,especially the asset-liability ratio.Moreover,with the same financial status,corporate bonds without guarantee may face larger probability of downgrade.So it proves that guarantee mechanism does help corresponding corporate bonds got higher credit rating.

关 键 词：固定收益企业债 信用等级迁移 担保 财务指标 LOGISTIC回归 

分 类 号：F279.23[经济管理—企业管理]