十三五下企业性质、信用评级与债券成本  

Corporate Nature、Credit Rating and the Cost of Debt Financing under the Thirteenth Five-Year Plan

作　　者：齐岳 楚金辉 冯筱瑢 

机构地区：[1]南开大学中国公司治理研究院 [2]南开大学商学院

出　　处：《财会通讯（中）》2018年第6期48-54,共7页Communication of Finance and Accounting

基　　金：2012年国家自然科学基金重点项目"我国集团企业跨治理与评价研究"(项目编号:71132001);2014年度教育部人文社会科学重点研究基地重大项目"基金治理和基民利益保护研究"(项目编号:14JJD630007)阶段性研究成果

摘　　要：本文采用理论分析与实证分析相结合的方法,以2011~2015年间在沪深交易所发行的公司债券为样本,研究企业性质、信用评级及债券融资成本之间的关系。结果表明:企业性质会影响信用评级,相比民营企业,国有企业的信用评级更高;此外,本文进一步重点引入企业性质与信用评级的交叉项,发现企业性质会对主体信用评级与债券融资成本之间的关系产生调节作用,当主体信用评级发生变化时,民营企业债券融资成本的变化比国营企业更加敏感,但企业性质对债券信用评级与债券融资成本之间的调节作用并不显著。这将对"十三五"提出的促进债券市场发展和国企改革提供理论支撑。Combining theoretical analysis and empirical analysis,the paper researched the relationship among the nature of the enterprise,credit rating and debt financing cost by making the corporate bonds issued in the Shanghai and Shenzhen Stock Exchange during 2011~2015 as the research sample.The study found that the nature of the enterprise will affect the credit rating,and compared to private enterprises,state-owned enterprises have higher credit rating.Then,the study further focused on the cross item of the nature of the enterprise and the credit rating,and found that the nature of enterprise can regulate the relationship between corporate credit rating and the cost of bond financing.When the corporate credit rating changes,the change of financing cost of private enterprise bonds is bigger than the state-owned enterprises.But the moderating effect of the relationship between the bond credit rating and the bond financing cost is not significant.This will provide theoretical support for the development of the bond market and the reform of state-owned enterprises.

关 键 词：企业性质 信用评级 债券融资成本 

分 类 号：F832.51[经济管理—金融学]