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在我国债券市场中,企业与评级机构有着较为稳定的合作关系;同时随着合作的增加,企业债券的信用评级也呈现出上升趋势。这一现象的产生可能有两方面的原因:一是合作关系使企业在评级结果上受益;二是企业从发债经验中学会了获得更高评级的技巧。基于2006-2015年城投债数据的实证分析发现,尽管合作次数和企业发债次数对信用评级均具有显著的正向影响,但在控制了发债经验后的分组回归中,随着合作次数的增加,信用评级实际上有所降低。因此,企业在发债过程中获得高评级能力的不断提高是多次合作下评级高估的主要原因,这支持了“干中学”的理论;相反,评级机构与企业保持紧密关系则有助于抑制评级高估。
In China’s bond market, enterprises and rating agencies have relatively stable cooperative relations. Meanwhile, with the increase of cooperation, the credit rating of corporate bonds also shows an upward trend. This phenomenon may have two reasons: First, the cooperation between the companies to benefit from the rating results; Second, the company learned from the bond issuance experience gained a higher rating skills. Based on the empirical analysis of the city investment bonds data from 2006 to 2015, we found that although the number of cooperation and the number of corporate debt issuance have a significant positive impact on credit rating, in the group regression after controlling the debt issuance experience, with the number of cooperation Increase in credit rating actually reduced. Therefore, the continuous improvement of enterprises’ ability to obtain high ratings in debt issuance is the main reason for the overestimation of ratings under multiple cooperation, which supports the theory of “learning by doing”. On the contrary, maintaining close relations between rating agencies and enterprises Help to suppress rating overestimation.