短期融资券评级有用吗？

短期融资券是由非金融企业在银行间债券市场上发行并约定在一定期限内还本付息的有价证券。作为一种融资性的无担保商业本票，短期融资券的信用风险客观存在。本文讨论了我国短期融资券市场的发展，并通过对短期融资券级别与信用利差之间关系的分析，来为短期融资券评级的作用提供实证证据，研究结果发现，我国的主体长期信用级别与信用利差之间存在显著差别。

Rating of Short-term Corporate Debts

Short-term corporate debts are securities issued by non-financial enterprises in inter-bank market and agreed to give back principle capital as well as interest within a set period. As non-collateral commercial notes, short-term debts have potential risks. This paper discusses the development of short-term bond market and provides empirical evidence on the role of short-term debt rating by means of relation between debt class and credit interest margin. Studies reveal that marked gap exists in China between long-term credit class and credit interest margin.