Reputation Mechanism,Credit Rating and Financing Cost of the Medium Term Note in the Inter-bank Market
研究了2009至2012年银行间市场中期票据发行企业的信用评级对融资成本的影响，发现评级越高成本越低，但发行前评级上调、评级机构声誉低等因素会削弱这一效应。
This paper studies the mechanism of credit rating by using all firms that had issued MTN in the inter- bank market from 2009 to 2012.We find that(1) the higher the credit rating,the lower the cost,and bond rating is more obviously than firm rating;(2) upgrade of rating before issue and lower reputation of rating agencies can weaken the effect of rating on cost;(3) state ownership and listed characteristics can also weaken the effect,but only to repay loans can strengthen this effect The conclusion contributes to literatures relating information disclosure,cost of debt,and reputation mechanism.