摘要
采用显著性检验方法,选取2008年、2009年和2010年发行的企业债券为研究样本,实证分析信用评级信息对我国企业债券市场定价的影响力,结果表明:信用评级信息已经成为我国企业债券市场投资者制定投资决策的主要依据,市场投资者对信用评级信息有很强的依赖性;信用评级信息在资本市场上对我国企业债券的市场定价具有显著的影响力;我国企业债券的市场定价是有效率的。
An empirical analysis is made on the influence of credit ratings upon corporate bond market pricing by using significance testing with selection of corporate bonds issued in the years of 2008,2009 and 2010 for the study samples.The results show： that the credit rating information has become the main basis for corporate bond market investors in China to make investment decisions with the market investors highly relied on the credit rating information;that credit rating information in the capital market has significant influence upon China＇s corporate bond market pricing;and that China＇s corporate bond market pricing is efficient.
出处
《征信》
北大核心
2011年第4期16-19,共4页
Credit Reference
关键词
显著性检验
信用评级
企业债券
市场定价
影响力
significance testing
credit rating
corporate bonds
market pricing
influence
