管理层能力、信息披露质量与企业信用评级  

Managerial Ability,Information Disclosure Quality,and Credit Ratings of Firms

作　　者：吴育辉[1] 吴世农[1] 魏志华[2] 

机构地区：[1]厦门大学管理学院,福建厦门361005 [2]厦门大学经济学院,福建厦门361005

出　　处：《经济管理》2017年第1期165-180,共16页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"企业债券市场发展与企业财务政策选择"(71372072);国家自然科学基金项目"中国上市公司关联交易研究:动机;经济后果与治理机制"(71572165);教育部新世纪优秀人才支持计划(NCET-13-0507)

摘　　要：本文借鉴Demerjian等(2012)的方法度量管理层能力,并以2010-2014年进行信用评级的中国A股上市公司作为样本,探讨管理层能力与企业信用评级的关系,以及信息披露质量如何影响评级机构对管理层能力的判断。研究发现:(1)在控制其他变量的前提下,随着管理层能力的提升,企业的信用评级也会越高,表明评级机构在信用评级中确实考虑了管理层能力的高低。(2)企业的信息披露质量会影响评级机构对管理层能力的判断。信息披露质量越高,评级机构就越容易以此评判管理层的真实能力,并将其在信用评级中体现出来。(3)管理层能力与企业信用评级的关系,并非由于低声誉评级机构为迎合发债企业需求、扩大市场份额而有意降低评级质量造成,而是由于高声誉评级机构确实能够更好地判别和度量管理层能力所致。本文不仅从理论上拓展了信用评级影响因素的研究,而且有助于更好地了解、引导和规范评级机构的信用评级行为。With the development of the corporate bond market in China, more and more listed firms go into this market to issue credit bonds. As a result, credit rating agencies play more and more important roles in judging the default risks of finns. However, credit rating agencies face growing criticism for their inability to adequately predict firm defaults in recent years. Although studies have described that accounting information and corporate governance can affect firm credit ratings, there are still some other factors unclear. Managerial ability is one of such unclear factors. Managerial ability is hard to detect from firm＇ s accounting information. However, it may impact on firms＇ accounting performance through investment, Research ＆ Development and other risk-taking activities, and then influences corporate default risk, thus finally affects credit ratings. So far as we know, few studies investigate such relationship between manageri- al ability and credit ratings. Demerjian et al. （2012） provides a comprehensive measure of managerial ability and compares this new meas- ure with other measures, for example, abnormal returns, accounting performance, tenure, et al. They find that this new measure is much better than other measures to capture manager ability. Using this managerial ability measure, we collect Chinese listed firms with credit ratings during 2010--2014, investigate the relationship between manageri- al ability and corporate credit ratings, and the moderating role of information disclosure quality. We find that ： 1 ） higher-ability managers obtain more favorable credit ratings than their peers, even after controlling for industry and other credit risk factors. This result means that credit rating agencies indeed incorporate managerial ability into cor- porate credit ratings. 2） Information asymmetry plays an important role in the relationship between managerial abili- ty and firm＇ s credit rating. We find that when firms hire big 4 auditors or pay more audit fees to auditors, credit ra

关 键 词：管理层能力 信息披露质量 信用评级 

分 类 号：F276.6[经济管理—企业管理]