中立评级机构对发行人付费评级体系的影响

The Impact of Neutral Rating Agency on Issuer-paid Credit Rating System

本文以中债资信的成立为研究背景,分析了中立评级机构的进入对发行人付费评级质量及债券市场的影响。研究基于中债资信给出更低评级的现象展开,主要发现:在发行市场上,中债资信给出较低主体评级的发行人所发行的债券,发行成本较高;在交易市场上,中债资信做出评级后债券收益率升高,且具有长期性。更为重要的是,在中债资信市场份额较大、影响力较强的行业中的公司,其发行人付费评级水平较低,评级虚高的问题得到抑制;而且,抑制效果产生的原因是发行人付费评级机构的声誉机制,而非学习机制。

Employing Chinas first neutral credit rating agency-China Bond Rating Co,Ltd(CBRC)as the research background,this paper analyzes the reaction of existing issuerpaid credit rating agencies and the bond market towards CBRCs new neutral ratingWe mainly find that companies with lower ratings by CBRC issue bonds in higher interests in the bond issuance marketThese results also exist in the bond trading market,where bonds yield to maturity rises up after CBRCs lower rating in both short and long termsWe further show that after the entrance of CBRC,existing issuerpaid credit rating agencies will downgrade their ratings and this adjustment is more obvious in industries with higher CBRC occupation,which,in fact,has weakened irrational high rating conditionPossible explanation for adjustment of issuerpaid credit rating is the reputation mechanism rather than the study mechanism.