企业信用评级与资本结构决策

Corporate Credit Rating and the Capital Structure Decisions

由于存在不同信用评级的融资成本差异,企业在资本结构决策中可能会考虑信用评级因素,本文利用接近信用评级变更和实际信用评级变更之后的公司资本结构数据,实证分析信用评级对企业资本结构决策的影响,分析认为国有控股公司和AAA级公司的信用评级对资本结构决策有显著影响。

Credit ratings may be considered when firms decide their capital structure because of discrete costs associated with firm credit rating level differences. This paper examines the extent to which credit ratings affect capital structure decisions, us- ing financial data before and after rating levels change. We conclude that state-controlled or rating AAA enterprises consider their credit ratings when they make capital structure decisions.