信用评级对债券融资成本的影响

对2014—2018年在上海证券交易所发行的公司债券进行实证分析。研究表明：国内信用评级在债券市场上是具有信息含量的，即信用评级能够在发债企业和债券投资人之间传递出具有参考价值的信息，从而减少债券市场上的信息不对称；信用评级较高的企业比评级较低的企业的债券融资成本低，同时债券的评级也会影响债券的成本，即评级越高，债券的成本越低。

The Influence of Credit Rating on Bond Financing Cost

An empirical analysis of corporate bonds issued in Shanghai Stock Exchange was taken based on the date from 2014 to 2018. The research shows that domestic credit rating has information content in the bond market, that is, credit rating can transmit valuable information between bond issuers and bond investors, so as to reduce the information asymmetry in the bond market. The higher the credit rating, the lower the cost of bond financing.