竞争、评级购买和收益率差：来自中国企业债券市场的证据

IF 3.1 3区经济学 Q1 ECONOMICS

Quarterly Review of Economics and Finance Pub Date : 2025-08-25 DOI:10.1016/j.qref.2025.102039

Shaoyu Li , Henry Hongren Huang , Jeff J. Oxman

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引用次数: 0

摘要

繁荣的市场是一个高风险和高回报的时代，包括对投资质量的错误描述的风险。近年来，中国债券市场正处于繁荣期，因此本文提出了企业债券市场评级购买的实证证据。本文的证据表明，一些公司获得了比他们应该更高的信用评级，导致较低的债务融资成本。我们还发现，投资者在多次融资后意识到这一点，并惩罚那些夸大评级的评级公司的所有客户，导致某些公司的债券出现所谓的柠檬市场。

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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Competition, ratings shopping, and yield spread: Evidence from China’s enterprise bond market

Booming markets are a time of high risk and high returns, including the risk of misrepresenting the quality of an investment. China’s debt market is recently experiencing a booming period, and thus this paper presents empirical evidence of ratings shopping in the enterprise bond market. The evidence herein shows that some firms obtain higher credit ratings than they should, resulting in a lower cost of debt financing. We also find that investors become aware of this after multiple financing rounds and punish all clients of those ratings firms that inflate ratings, resulting in a so-called lemon market for the bonds of certain firms.

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来源期刊

Quarterly Review of Economics and Finance ECONOMICS-

CiteScore

6.00

自引率

2.90%

发文量

118

期刊介绍： The Quarterly Review of Economics and Finance (QREF) attracts and publishes high quality manuscripts that cover topics in the areas of economics, financial economics and finance. The subject matter may be theoretical, empirical or policy related. Emphasis is placed on quality, originality, clear arguments, persuasive evidence, intelligent analysis and clear writing. At least one Special Issue is published per year. These issues have guest editors, are devoted to a single theme and the papers have well known authors. In addition we pride ourselves in being able to provide three to four article "Focus" sections in most of our issues.