国际化、本地化与信评机构的监督功能——基于对企业避税行为识别的研究

Internationalization,Localization and Supervision of the Responsibility of the Credit Rating Agencies Based on the Identification of Corporate Tax Avoidance Behavior

以2011—2017年上市公司发债主体数据为研究样本,研究发现企业避税程度越高,债券信用评级越低,证明了我国信评机构是可以履行自身的监督职能的;这种关系在本地监督和内资信评机构的背景下更加显著;而国有产权性质缓释了信评机构监督责任履行,更进一步,通过事后违约检验强化了信评机构的监督功能,支持了债券定价作用。此外,研究丰富了当前的信用评级要素,警示发债企业应注重诚信以及公共责任履行,也暗示了社会主体信息共享的必要性。

Taking the main body of bond issuance data of listed companies in 2011—2017 as a research sample,the study found that the higher the tax avoidance degree of enterprises,the lower the bond credit rating,which proves that China's credit rating agencies can perform their own supervision functions;this relationship is more significant under the background of local supervision and local credit rating agencies;and the nature of state-owned property rights slows down the performance of supervisory responsibility of credit rating agencies,and further strengthens the supervisory function of credit rating agencies through ex post default test,and also supports the role of bond pricing.In addition,the study enriches the current credit rating elements,warns bond issuing enterprises to pay attention to honesty and public responsibility,and also implies the necessity of information sharing among social subjects.