管理者能力、环境不确定性与信用评级

Managerial Ability,Environmental Uncertainty and Credit Rating

在我国经济转型时期,上市公司面临的外部市场环境复杂多变,此时管理者能力显得愈发关键,直接影响公司经营效率与信息质量,进而影响信用评级。以2013—2017年主体信用评级的上市公司为样本,探讨环境不确定性与管理者能力对信用评级的影响和两者的交互作用。研究发现,环境不确定性带来的风险导致信用评级降低,而管理者能力增强可有效提升评级水平。进一步研究发现,管理者能力可有效缓解环境不确定性与信用评级的负相关关系,且这种缓解作用在非国有企业中更加显著。

In the transition economy of China,listed companies faced a complex and volatile external market environment,so managerial ability was increasingly critical under the such circumstances.It directly influenced the company’s operating efficiency and information quality,and then influenced the credit rating.Taking the data of listed companies with credit rating during the period of 2013-2017 as the research sample,this paper made an empirical analysis to discuss the impact of environmental uncertainty and managerial competence on credit rating and the interaction.Empirical evidence found that the risk from environmental uncertainty led to lower credit ratings,and the enhancement of managers’ability could effectively improve the rating level.Further research showed that managers with higher ability could alleviate the negative correlation between environmental uncertainty and credit rating,and this alleviating action was more significant in non-state enterprises.