| 评级机构竞争、声誉与债券信用评级质量 |
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| 引用本文： | 邢天才,詹明君,王文钢. 评级机构竞争、声誉与债券信用评级质量[J]. 财经问题研究, 2016, 0(6): 66-71. DOI: 10.3969/j.issn.1000-176X.2016.06.010 |
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| 作者姓名： | 邢天才 詹明君 王文钢 |
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| 作者单位： | 东北财经大学 金融学院,辽宁 大连,116025 |
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| 基金项目： | 国家自然科学基金项目“上市金融机构系统性风险传导与演化机制实证与模拟研究”(71273042)，教育部人文社会科学基金项目“债务危机演化、传导与预警机制:实证与实验研究”(12YJA790154)，教育部人文社会科学重点研究基地重大项目“欧美债务危机对中国金融结构与产业组织的影响研究”(13JJD790003) |
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| 摘 要： | 本文以我国2010—2014年的企业债和公司债为样本，构建了新的声誉指标，分析了声誉机制和评级机构竞争对债券信用评级质量的作用机理。结果表明：高声誉的评级机构出具的债券信用评级具有较高的评级质量；评级机构竞争加剧了评级虚高，降低了债券信用评级质量；声誉机制能够抑制评级机构竞争导致的评级虚高，提高债券信用评级质量。本文为衡量我国评级机构声誉提供了新的视角，有助于辩证地看待评级机构竞争的影响。
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| 关 键 词： | 债券信用评级 评级机构竞争 评级机构声誉 评级质量 |
Credit Rating Agency Competition,Reputation and Bond Rating Quality |
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| XING Tian-cai,ZHAN Ming-jun,WANG Wen-gang. Credit Rating Agency Competition,Reputation and Bond Rating Quality[J]. Research On Financial and Economic Issues, 2016, 0(6): 66-71. DOI: 10.3969/j.issn.1000-176X.2016.06.010 |
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| Authors: | XING Tian-cai ZHAN Ming-jun WANG Wen-gang |
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| Abstract: | This paper build a new reputation variable, studies action mechanism of reputation mechanism, credit rating agency competition of bond rating quality by using all firms that had issued enterprise bond or corporate bond from 2010 to 2014 in China. We find that the higher reputation, the higher rating quality;Credit rating industry competition lead to rating inflation, reduces the bond credit rating quality;Reputation mechanism can restrain rating inflation bring by competition, and improve bond credit rating quality. This paper provide a new perspective of measuring credit rating agency reputation in China, will help people have dialectical view on the impact of credit rating industry competition. |
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| Keywords: | bond credit rating rating agency competition rating agency reputation rating quality |
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