公司主体特征、信用评级对公司债定价的影响研究  

A study on theImpact of Corporate Entity Characteristics and Credit Rating on Corporate Bond Pricing

作　　者：李欣 LI Xin(Anhui Institute of Information Technology School of Management Engineering Wuhu Anhui 241100,China)

机构地区：[1]安徽信息工程学院管理工程学院,安徽芜湖241100

出　　处：《乐山师范学院学报》2023年第8期90-102,共13页Journal of Leshan Normal University

基　　金：芜湖市工程技术研究中心项目“芜湖市新媒体营销工程技术研究中心”(芜科办〔2022〕48号);2022年安徽信息工程学院校级科研团队:新媒体营销团队(AXG2023_KJC_5001)。

摘　　要：文章以2014年至2021年间发行的公司债为样本,试图用实证研究的方法探索主体特征、信用评级对公司债定价的影响,并进一步分析了主体特征与信用评级的关系。研究发现:获得高评级能显著降低信用利差;国有产权的隐性担保作用能显著降低融资成本但却削弱了信用评级的作用;市场的风险意识薄弱,财务风险不能显著影响公司债定价;信用评级指标存在严重扭曲,其受产权性质的影响显著,却不能准确反映发债主体自身的财务风险;违约事件带来了一些影响。首先,评级指标出现了显著的两极分化,高评级债券更受市场追捧;其次,市场的风险意识有所提高,财务风险对信用利差的影响加强;最后,产权性质的隐性担保效应不减反增,对信用利差的影响加剧。Taking corporate bonds issued between 2014 and 2021 as a sample,this study uses empirical research to study the impact of subject characteristics and credit rating on corporate bond pricing,and analyzes the relationship between subject characteristics and credit rating.Studies have shown that obtaining a high rating can significantly reduce credit spreads.The implicit guarantee effect of state-owned property rights can significantly reduce financing costs,but it weakens the role of credit ratings.The market's risk awareness is weak,and financial risk cannot significantly affect the pricing of corporate bonds.There are serious distortions in credit rating indicators,which are significantly affected by the nature of property rights,but they cannot accurately reflect the financial risks of bond issuers.Default events have had some impact.First,there has been a significant polarization in rating indicators,with high-rated bonds becoming more sought after by the market.Secondly,the market's risk awareness has increased,and the impact of financial risk on credit spreads has strengthened.Finally,the implicit guarantee effect of the nature of property rights does not decrease but increases,and the impact on credit spreads intensifies.

关 键 词：公司债 信用利差 信用评级 产权性质 财务风险 违约事件 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]