| 用显著性检验方法判断信用评级对企业债券市场定价的影响力 |
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| 引用本文： | 程盟,刘万才.用显著性检验方法判断信用评级对企业债券市场定价的影响力[J].河南金融管理干部学院学报,2011,29(4):16-19. |
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| 作者姓名： | 程盟 刘万才 |
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| 作者单位： | 1. 牡丹江市金融服务局,黑龙江牡丹江,157022
2. 国都证券有限责任公司,上海,200040 |
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| 摘 要： | 采用显著性检验方法,选取2008年、2009年和2010年发行的企业债券为研究样本,实证分析信用评级信息对我国企业债券市场定价的影响力,结果表明：信用评级信息已经成为我国企业债券市场投资者制定投资决策的主要依据,市场投资者对信用评级信息有很强的依赖性;信用评级信息在资本市场上对我国企业债券的市场定价具有显著的影响力;我国企业债券的市场定价是有效率的。
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| 关 键 词： | 显著性检验 信用评级 企业债券 市场定价 影响力 |
Determining the Influence of Credit Ratings on Corporate Bond Market Pricing by Using Significance Testing |
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| CHENG Meng,LIU Wan-cai.Determining the Influence of Credit Ratings on Corporate Bond Market Pricing by Using Significance Testing[J].Journal of Henan College of Financial Management Cadres,2011,29(4):16-19. |
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| Authors: | CHENG Meng LIU Wan-cai |
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| Institution: | CHENG Meng1,LIU Wan-cai2(1.Financial Services Authority,Mudanjiang City,Mudanjiang,Heilongjiang 157022,China,2.Guodu Securities Co.,Ltd.,Shanghai 200040,China) |
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| Abstract: | An empirical analysis is made on the influence of credit ratings upon corporate bond market pricing by using significance testing with selection of corporate bonds issued in the years of 2008,2009 and 2010 for the study samples.The results show: that the credit rating information has become the main basis for corporate bond market investors in China to make investment decisions with the market investors highly relied on the credit rating information;that credit rating information in the capital market has s... |
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| Keywords: | significance testing credit rating corporate bonds market pricing influence |
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