信用评级、股权属性与公司投资不足

Credit Rating,Stock Ownership and Under-investment

随着近年来公司债券市场的快速发展，公司发债融资已逐渐成为重要的外部融资渠道之一，而信用评级则是外部融资成本的重要影响因素。本文以2008-2013年的上市公司为样本，研究是否具有信用评级以及信用评级高低对抑制公司投资不足的作用，并进一步研究在不同股权属性下这种影响关系是否仍然有效。本文的主要结论有：（1）具有信用评级可以在一定程度上抑制公司的投资不足。（2）公司所发行债券的信用评级越高，则公司的投资不足程度越低。（3）对于非国有控股上市公司而言，具有信用评级对降低投资不足程度的作用显著，但这一作用对国有控股上市公司而言并不显著。本研究探讨了信用评级对公司投资效率的作用机理，有助于更好地理解信用评级在公司投资决策中的重要意义。

In recent years, with the rapid development of corporate bond markets, debt financing has increasingly become an essential source of external financing for listed firms, and the credit rating accounts for most part of the financing cost in this process. Using data from the listed firms between 2008 and 2013, this paper studies the credit rating＇s influence on restraining under-investment and whether such relationship remains under different type of ownership properties. Conclusions of the paper include：（1） Firms with credit rating have relatively lower degree of under-investment; （2） The higher the credit rating of bonds issued, the lower the degree of under-investment of firms will be; （3） Credit rating can greatly reduce its under-investment degree in non-stated-owned listed firms, while in state-owned listed firms, such influence is not obvious. Through discussing the functional mechanism of credit rating on firms＇ investment efficiency, this paper helps to better understand the role credit rating plays in a firm＇s investment decisions.