内部控制质量与债券信用评级

Internal Control Quality and Bond Credit Rating

近年来,内部控制实施的效果已经显现。本文以债券市场债券信用评级为切入点,使用2008-2015年交易所发行的公司债券数据,分析了内部控制对债券信用评级的影响。研究发现:公司内部控制质量越高,债券信用评级或主体信用评级越高,进而导致相应的融资成本越低;由于国企隐性担保作用的存在,内部控制质量与信用评级之间的关系在民企中更显著;本文对内控质量影响信用评级的机制进行了检验,发现内控质量能通过提高企业的经营目标(降低违约风险与提高利息保障倍数)与报告目标(降低诉讼风险),进而提高债券信用评级。

In recent years, the effect of internal control has been revealed. Based on bond credit rating in bond market as the breakthrough point, using data of exchange corporate bonds issued from 2008 to 2015, this paper an- alyzes the effect of the internal control on bond credit rating. After a series of empirical analysis and robustness tes- ting, we tound, firstly, the higher the quality of internal control, the higher the bond credit rating or issuer credit rating would be, thus the lower financing cost. Secondly, because of the implicit guarantee function of state-owned enterprises, the relationship between internal control quality and credit rating is more pronounced in private enter- prises. Finally, this article also analyzes the mechanism in which internal control quality affects credit rating, with the finding that internal control quality can enhance the enterprise in respect of the management goal （ to reduce the default risk or increase the muhiple of interest safeguard） and report goal （ reduce litigation risk） , so as to improve the bond credit rating.