企业资源配置战略与债券信用评级  

Enterprise Resource Allocation Strategy With Bond Credit Rating

作　　者：张新民[1,2] 丁璇 杨道广[1] ZHANG Xin-min;DING Xuan;YANG Dao-guang(Business School,University of International Business and Economics,Beijing 100029,China;Beijing Enterprises’Global Management Research Centre,University of International Business and Economics,Beijing 100029,China)

机构地区：[1]对外经济贸易大学国际商学院,北京100029 [2]对外经济贸易大学北京企业国际化经营研究基地,北京100029

出　　处：《财经问题研究》2024年第2期64-75,共12页Research On Financial and Economic Issues

基　　金：国家自然科学基金重大项目“互联网时代的公司财务行为研究”(71790604);教育部人文社会科学研究青年基金项目“审计委员会透明度改革:国际进展与中国借鉴研究”(21YJC790141)。

摘　　要：企业战略作为企业全局性、长期性资源配置的重要规划,对企业经营活动具有重要影响,也必然会影响企业的融资行为。本文从企业战略视角出发,以2008—2020年中国A股上市公司为研究对象,运用固定效应模型探究了企业资源配置战略对债券信用评级的影响。研究发现:相对于经营主导型企业,投资主导型企业的债券信用评级更低,并且该结论在处理内生性问题和进行一系列稳健性检验后依然成立。异质性分析发现,企业资源配置战略对债券信用评级的影响在非国有企业和分析师跟踪人数多的企业中更明显。中介效应检验结果表明,企业资源配置战略通过作用于企业违约风险而影响债券信用评级。本文的研究结论对发债企业、信用评级机构和债券市场投资者具有重要启示意义。Summary:With the deepening reform of financial system,the bond market has become increasingly important in supporting supply⁃side institutional reform.However,a spate of bond defaults in recent years has raised widespread questions about the accuracy of credit rating agencies’ratings.Existing literature has conducted empirical tests on the influencing factors of bond credit rating mainly from the perspective of the characteristics of enterprises and credit rating agencies,but few studies have paid attention to the impact of enterprise strategy on bond credit rating.As an important plan for the overall and long⁃term resource allocation of an enterprise,enterprise strategy has an important impact on the operation activities of the enterprise,and will inevitably affect the financing behavior of the enterprise.This study takes China’s A⁃share listed companies from 2008 to 2020 as research object,and uses the fixed⁃effect model to explore the mechanism of the impact of enterprise resource allocation strategy on bond credit rating.The empirical study finds that compared with the operation⁃oriented enterprise,the bond credit rating of the investment⁃oriented enterprise is lower,and this conclusion still exists after controlling endogeneity and conducting a series of robustness tests.Heterogeneity analysis shows that the ownership type and information environment of enterprises have moderating effects on the relation between resource allocation strategy and bond credit rating,that is,when the ownership type of an enterprise is non⁃state⁃owned and the information environment of enterprises is better,the impact of resource allocation strategy on bond credit rating is more significant.The mechanism test results show that the enterprise resource allocation strategy affects the bond credit rating by acting on the enterprise default risk,that is,compared with the operation⁃oriented enterprise,the investment⁃oriented enterprise has higher default risk,resulting in lower bond credit rating.The implication

关 键 词：企业资源配置战略 债券信用评级 企业违约风险 投资主导型企业 经营主导型企业 

分 类 号：F272[经济管理—企业管理] F832.5[经济管理—国民经济]