多重信用评级影响债券融资成本的动态机制研究——基于企业生命周期理论  

The Dynamic Mechanism of Multiple Credit Ratings Affecting the Cost of Bond Financing: A Study Based on Enterprise Life Cycle Theory

作　　者：霍艳 汪训孝 Huo Yan;Wang Xunxiao(Business School,Nanjing University,Nanjing,Jiangsu 210093,China;School of Statistics and Management,Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]南京大学商学院,江苏南京210093 [2]上海财经大学统计与管理学院,上海200433

出　　处：《金融经济学研究》2022年第6期21-37,共17页Financial Economics Research

基　　金：国家自然科学基金面上项目(72171139);国家自然科学基金青年项目(71701118)。

摘　　要：以2016—2021年发行信用债券的沪深两市非金融类上市公司为研究样本,从企业信息不对称视角研究多重信用评级变化对债券融资成本的影响机制,并结合企业生命周期理论探讨该机制的变化规律,结果显示,企业信息不对称是多重信用评级影响债券融资成本的中介变量。多重信用评级能发挥信息生产作用,直接降低债券融资成本;也能发挥信息认证作用,减少投资者面临的企业信息不对称,间接影响债券融资成本,在企业生命周期演化过程中,多重信用评级作用于债券融资成本的总效应呈顺周期变化特征,而企业信息不对称的中介效应占比呈逆周期变化特征。因此,进一步规范企业信息披露准则,并强化对企业自愿披露信息的质量监督,是促进多重信用评级模式充分发挥信息生产作用、信息认证作用,从而降低信息不对称的可行之策。Taking a sample of non-financial listed companies in Shanghai and Shenzhen stock markets that issued credit bonds in the period 2016-2021,this study explored the mechanism of multiple credit ratings impacting bond financing costs from the perspective of information asymmetry and discussed the changing pattern of this mechanism in conjunction with enterprise life cycle theory.The results showed that enterprise information asymmetry is a mediating variable for multiple credit ratings affecting bond financing costs.Multiple credit ratings can function both as information production, directly lowering bond financing costs, and as information authentication, indirectly affecting bond financing costs by reducing the corporate information asymmetry investors face.In the evolution of the enterprise life cycle, the total effect of multiple credit ratings on the cost of bond financing presents pro-cyclical characteristics, while the share of mediating effects of enterprise information asymmetry shows counter-cyclical characteristics.Therefore, further standardizing enterprise information disclosure guidelines and strengthening the quality supervision of voluntary enterprise information disclosure is a feasible solution to promote multiple credit ratings fully playing the roles of information production and authentication, thereby reducing the degree of information asymmetry.

关 键 词：债券融资成本 多重信用评级 信息不对称 企业生命周期 

分 类 号：F830.5[经济管理—金融学]