Unveiling the impact of foreign competition on the bond market: Insights from S&P debt ratings
研究发现外国竞争加剧会导致美国企业债务评级显著下调，尤其影响采用探索者战略、组织资本低、信息不对称高、治理薄弱的企业，重塑了信用评估方式。
This study investigates the influence of foreign competition on U.S. firms’ debt ratings. The findings reveal a significant downgrade in ratings with increased foreign competition, in particular affecting firms with prospector strategies, low organizational capital, high information asymmetry, weak governance, and reshaping creditworthiness assessment.