信用评级与资本结构——来自中国A股上市公司的经验证据

Credit Rating and Capital Structure: Evidence from Chinese A-Share Listed Companies

信用评级是企业进入债券市场的通行证。中国债券市场起步晚,发展快,且具有特殊的评级要求。基于这一特殊背景,以2008—2017年间的中国A股上市公司为研究样本,可研究信用评级对企业资本结构的影响。研究发现:(1)企业评级越低,负债水平和净负债发行额越高。(2)低评级企业倾向于在获得评级后提高负债水平,主要原因是银行贷款供给意愿上升;而高评级企业则倾向于在获得评级后偿还银行贷款,以优化资本结构。(3)当评级展望为正面或评级真正下降时,企业会降低负债水平,评级展望为负面或评级上升则对负债水平没有显著影响。

Using a sample of A-share listed companies in China in the period of 2008-2017,we examine the impact of credit ratings on corporate capital structure.We find that:(1)the lower the rating,the higher the debt level and the net debt issuance level;(2)low-rated companies tend to raise their debt levels after obtaining ratings,mainly because of the increased willingness of banks to provide loans,while high-rated companies tend to repay bank loans after obtaining ratings to optimize their capital structures;and(3)when the rating outlook is positive or the rating actually declines,firms will reduce their debt levels,whereas a negative rating outlook or a higher rating has no significant impact on the debt level.This study helps us better understand the relationship between credit rating and the capital structure of Chinese A-share listed companies and its mechanism;it also provides a basis for regulatory policymaking and investment decision-making.