文献类型：期刊文献

中文题名：债券违约对涉事评级机构评级公信力的影响研究

英文题名：The Impact of Bond Default on Credit Rating Agencies’ Credibility

作者：麦勇[1];张天杰[2];郑秀君[3]

机构：[1]华东理工大学商学院;[2]华东理工大学;[3]上海第二工业大学经济管理学院

年份：2020

期号：1

起止页码：24

中文期刊名：金融发展

外文期刊名：Financial Development

基金：教育部年度规划项目:基于环境行为指标和互联网金融指标的小微企业信用评级创新研究(项目编号:15YJAZH121)的资助

语种：中文

中文关键词：债券违约事件;信用评级机构;评级公信力

外文关键词：Bond Default;Credit Rating Agencies;Rating Credibility

摘要：近年来我国债券违约事件频发,我国评级机构的评级公信力受到了诸多质疑。本文基于中国信用债市场的违约事件,并选取了2014年至2019年国内以发行人付费模式运作的评级机构已评债券的相关信息,研究发现:债券违约事件发生后,涉事评级机构对债券的发行评级采用高估的评级方法,而对于存续债券的跟踪评级采用保守的评级方法;评级机构因卷入已评债券违约事件且虚增发行评级的投机取巧行为会对评级机构公信力造成负面影响并导致评级产品的市场认可度受到削弱,具体表现为债券违约事件发生后,涉事评级机构的市场份额会显著下降且虚增发行评级的机会主义行为无法抵消所评债券违约的负面影响;涉事评级机构所评债券违约数量越多,则新发行债券融资成本会上升但评级机构专业的评级信息对降低债券发行成本的作用依旧存在,债券违约对信用评级在债券融资成本上具有负向调节作用。
In recent years,there have been frequent bond defaults in China,and the credibility of the credit rating agencies have been questioned.This paper selected the bond rating data of credit rating agencies which are issuer-paid model from 2014 to 2019 in the atmosphere of credit bond defaults.The study find that rating agencies will adopt higher rating method after they are involved in bond default events.While the rating agencies will adopt conservative method on the tracking rating.Furthermore,rating agencies getting involved in bond defaults and the inflated rating given by them will damage the rating credibility and the market recognition of credit rating product will also be destroyed.Firstly,the market share of rating agencies which are involved in bond defaults will sharply decrease and the inflated rating methods have no effect on offsetting the negative effect on bond defaults.Secondly,the spread of newly issued bond will increase when the rating agencies get involved in bond defaults.But the rating product can provide the special information and the higher rating can still restrain the financing rating.Therefore,bond defaults have a negative adjustment effect on the spread of newly issued bonds.