分析师跟踪会影响企业主体信用评级吗?——基于我国信用债市场的经验证据  

Does Analyst Following Affect Issuer Credit Rating?Evidence from Credit Bond Market in China

作　　者：刘星[1] 张智慧 杨羚璇 LIU Xing;ZHANG ZhiHui;YANG LingXuan(School of Economics and Business Administration, Chongqing University, Chongqing 400030)

机构地区：[1]重庆大学经济与工商管理学院,重庆400030

出　　处：《财贸研究》2021年第1期69-82,共14页Finance and Trade Research

基　　金：国家自然科学基金重点项目“制度环境、公司财务政策选择和动态演化研究”(71232004)。

摘　　要：随着我国债券市场规模的不断扩大,信用评级成为当前复杂经济形势下的热点话题。作为改善信息环境、缓解代理问题的重要机制,分析师跟踪能否影响发债企业的主体信用评级,引发学术界和实务界的密切关注。选取2011—2018年我国拥有主体信用评级的A股上市公司作为研究样本,实证考察分析师跟踪与发债企业主体信用评级的关系。研究发现,分析师跟踪人数越多,企业主体信用评级也越高,在控制内生性问题后该结论依然成立。作用机制分析表明,分析师跟踪主要通过降低企业的会计信息风险以及债务代理风险两条途径对企业主体信用评级产生影响。进一步研究显示,分析师跟踪提高企业主体信用评级的积极效应在国有性质、非四大审计以及机构投资者持股比例高的企业中更为显著。With the continuous expansion of China’s bond market,credit rating has become a hot topic under current complex economic situation.As an important mechanism to improve the information environment and alleviate agency problems,whether securities analysts can influence the issuer credit rating has attracted the attention of academic and practical circles.This paper explores the relationship between securities analysts and issuer credit ratings by using A-share listed companies that issues bonds in China from 2011 to 2018.The study has found that the higher the degree of analyst following,the higher the issuer credit rating,which is still true after controlling the endogenous problems.The mechanism analysis shows that the analyst following affects the issuer credit rating by reducing the accounting information risk and debt agency risk.Further research shows that the positive effect of analyst following on improving the issuer credit rating is more significant in state-owned enterprises,non-big four audit enterprises and enterprises with high institutional ownership.

关 键 词：证券分析师 会计信息质量 外部治理 信用评级 

分 类 号：F224[经济管理—国民经济] F832.5[经济管理—金融学]