Are Chinese credit ratings relevant? A study of the Chinese bond market and credit rating industry
研究中国债券市场和信用评级行业，发现评级与发行收益率显著相关，投资者对中外合资评级机构评级要求更低收益率，但评级标准与国际不具可比性，且评级类别过宽，90%以上债券集中在三个评级等级。
We investigate the nascent but fast-growing Chinese bond market and credit rating industry. We find Chinese bond ratings are informative and significantly correlated with bond offering yields. In addition, the Chinese bond investors distinguish ratings from different credit rating agencies (CRAs), demanding lower yields on bonds rated by global-partnered CRAs. However, the empirical results suggest that the rating scales used by Chinese CRAs are not comparable to those of international CRAs. Furthermore, Chinese CRAs have very broad rating scales and pool bonds with significantly different default risks into a single rating category, resulting in over 90% of bonds in only three rating categories.