信用评级差异与企业关联交易行为

Credit Rating Difference and Related Party Transactions

本文从融资约束的角度出发,研究上市公司与其第一大股东的主体信用评级差异对集团内部双方关联拆借金额的影响,以考察信用评级在我国上市公司内部资本市场的作用。研究发现,当上市公司和第一大股东都有主体信用评级时,二者的主体信用评级差异越大,关联拆借的金额也就越大;当二者中仅一方有主体信用评级时,资金会从有评级的一方拆出到无评级的另一方,且主体信用评级与关联拆借金额正相关。进一步研究还发现,主体信用评级差异与关联拆借金额的这种正向相关在国有上市公司和西部地区上市公司中更加显著。总体来看,上市公司与其第一大股东之间的主体信用评级差异,为通过关联拆借实现集团内部融资成本最小化提供了条件。本文丰富了企业关联交易的影响因素研究,拓展了信用评级与内部资本市场领域的相关探讨,为我国信用评级行业的发展提供了理论指导。

On the basis of financing constraints,this paper investigates how the difference of credit ratings between listed company and its controlling shareholder influences related party transactions,and the functional effect of credit rating in internal capital market of China.Specifically,this paper takes the data of listed companies and their controlling shareholders from 2013 to 2017.The results show that when both have credit ratings,the credit rating difference is positively correlated with the level of bilateral related party transactions;and when only one has credit rating,the credit rating is highly correlated with the level of unilateral related party transactions.Furthermore,this paper respectively analyzes the aspects of ownership structures and regions.In general,the difference of credit ratings between the listed company and its controlling shareholder provides the conditions to minimize the financing cost.The contribution of this paper is that we explore the characteristics of related party transactions from the perspective of credit rating,which expands the mechanism of credit rating in internal capital market.