问询函监管对债券信用评级的影响研究  

THE INFLUENCE OF REGULATORY INQUIRY LETTERS ON BOND CREDIT RATINGS

作　　者：赵燕 郭晨涛 ZHAO Yan;GUO Chentao(School of Accounting,Anhui University of Finance and Economics,Bengbu 233000,China)

机构地区：[1]安徽财经大学会计学院,安徽蚌埠233000

出　　处：《河南工业大学学报（社会科学版）》2024年第5期61-69,共9页Journal of Henan University of Technology:Social Science Edition

基　　金：国家社科基金一般项目(21BJY260);安徽省高校自然科学重点研究项目(2022AH050603)。

摘　　要：问询函监管对于提高市场主体的合规意识、强化上市公司信息披露质量、降低债务风险等,具有重要的外部治理作用。以2014—2022年沪深A股发债上市公司为对象,研究了问询函监管对债券信用评级的影响。实证结果表明:问询函监管会降低企业债券的信用评级,二者之间的关系在管理层代理成本高、接受外资机构评级以及评级分数较低的企业中更为显著。机制检验发现,企业声誉、分析师关注度分别是问询函监管与债券信用评级之间的作用渠道。企业被问询的语气越严重、企业回函时间越晚,对债券信用评级的负面影响也越大。Regulatory inquiry letters play a significant role in external governance by enhancing the compliance awareness of market entities,strengthening the quality of information disclosure by listed companies,and reducing debt risk.This study examines the impact of regulatory inquiry letters on bond credit ratings,focusing on bond-issuing listed companies on the Shanghai and Shenzhen A-share markets from 2014 to 2022.Empirical results indicate that regulatory inquiry letters lower the credit ratings of corporate bonds,and this relationship is more pronounced in companies with high managerial agency costs,those receiving ratings from foreign institutions,and those with lower rating scores.Mechanism tests reveal that corporate reputation and analyst attention are the channels through which regulatory inquiry letters affect bond credit ratings.Further research finds that the more severe the inquiry and the later the company′s response,the greater the negative impact on bond credit ratings.The study′s conclusions not only enrich the research on the regulatory effects of inquiry letters in the bond market but also provide important insights for the improvement and development of China′s regulatory inquiry letter system and for the stability of the bond market.

关 键 词：问询函监管 债券信用评级 企业声誉 分析师关注度 

分 类 号：F275.5[经济管理—企业管理]