On the Impact of Credit Rating on Bond Market of China
利用2007-2009年数据，实证研究国内信用评级对债券发行成本的影响，发现债项评级比主体评级对发行成本有更强的解释力。
Credit rating plays an important role in the capital market.It provides the market with risk related information, thus helps the market to discipline the corporations.In China,however,the credit rating industry is under-developed.This paper,using the data from 2007 to 2009,empirically studies the impact of domestic credit rating on bond pricing.The authors build aTrue Interest Cost(TIC)regression model,and study the influence of credit ratings on issue cost in the primary market.The authors finally find that bond rating has more explanatory power than firm rating.