The effect of issuers’ digital transformation on bond rating quality: Evidence from China’s bond market

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-07-01 DOI:10.1016/j.ribaf.2025.103098

Weihong Wu, Hui Zhou, Zheng Huo

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Abstract

Improving the quality of bond ratings has become an urgent issue for credit rating agencies, and the digital transformation of issuers presents a new opportunity to address this challenge. This study selects the bonds issued by Chinese A-share listed companies from 2014 to 2023, to explore the impact of issuers’ digital transformation on the quality of bond ratings and the underlying mechanisms. The results suggest that issuers’ digital transformation can enhance the quality of bond ratings. After conducting the robustness check, the results still demonstrate significance. Heterogeneity analysis reveals that the effect is more pronounced in samples with relatively severe financing constraints, those traded in the interbank market, and those located in regions with less favorable legal environments. Furthermore, mechanism tests show that issuers’ digital transformation can improve bond rating quality through enhancing information transparency and reducing issuer risk. This paper contributes to the research perspective on the economic consequences of digital transformation from the viewpoint of bond rating quality.

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发行人数字化转型对债券评级质量的影响：来自中国债券市场的证据

提高债券评级质量已成为信用评级机构亟待解决的问题，而发行人的数字化转型为应对这一挑战提供了新的机遇。本研究选取2014 - 2023年中国a股上市公司发行的债券，探讨发行人数字化转型对债券评级质量的影响及其影响机制。结果表明，发行人的数字化转型可以提高债券评级的质量。在进行稳健性检验后，结果仍然具有显著性。异质性分析表明，在融资约束相对严重的样本、在银行间市场交易的样本和位于法律环境较差地区的样本中，这种影响更为明显。此外，机制测试表明，发行人数字化转型可以通过提高信息透明度和降低发行人风险来提高债券评级质量。本文从债券评级质量的角度对数字化转型的经济后果进行了研究。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance