信用评级对企业银行贷款成本的影响研究——基于中国上市公司的实证检验

Research on the Influence of Credit Rating on Bank Loan Cost——Empirical Test Based on Chinese Listed Companies

本文选择2010—2018年我国A股上市非金融公司为研究样本,从理论分析和实证假设两方面探究企业信用评级对银行贷款成本的影响。建立回归模型,以信用评级为解释变量并加入相应的控制变量对企业银行贷款成本进行回归分析。通过研究结果发现:信用评级对企业银行贷款成本具有显著的解释力,即随着企业信用评级提高,企业从银行获得贷款成本越低。企业的盈利能力、产权性质、企业规模和财务杠杆率都对企业银行贷款成本具有解析力。

This paper selects China’s A-share listed non-financial companies from 2010 to 2018 as the research sample, and explores the impact of corporate credit rating on bank loan cost from two aspects of theoretical analysis and empirical hypothesis. This paper establishes a regression model to analyze the cost of loans for enterprises with taking credit rating as an explanatory variable and adding the corresponding control variables. We find that credit rating has a significant explanatory power on the cost of bank loans, that is, with the improvement of credit rating, the lower the cost of bank loans. The profitability, property right, scale and financial leverage of an enterprise have analytical power on the cost of bank loans.