作者：薛爽，宋雪
摘要/Abstract
本文通过研究我国企业债券市场上信用评级对债券发行成本的影响来探讨信用评级在债券市场上发挥的作用。本文选取2007-2012年间发行的企业债券作为本文的研究对象，研究发现信用评级在我国企业债券市场上具有显著的影响力，且信用评级对非上市主体和非国有企业的债券发行成本影响更大，信用评级的信号传递作用得到了市场的认可。同时，本文通过研究发现在我国企业债券市场上同样存在一定程度的“民营歧视”，信用评级的作用还有待加强。
This paper studies the influence of credit rating on bond issuance costs to explore the role of credit rating in the bond market. We choose corporate bonds issued in the years 2007-2012 as the object of the research. Through empirical study we find that the credit rating has significant influence on the corporate bond market in China. The results have shown that credit rating has a greater influence on the bond issuance costs of non-listed issuers and non-state-owned enterprises, which is the evidence that the credit rating can indeed reduce the information asymmetry existing in the market and promote the development of the corporate bond market. Besides, our study also finds that there also exists a certain degree of “private discrimination” on corporate bonds market, which indicates that the effect of credit rating is still to be improved.