【摘要】 采用2002—2013年中国债劵评级数据,探讨信用评级业的竞争程度对于信用评级准确性的影响。实证结果表明,竞争程度越强,评级水平越低,发生降级的可能性越大,即市场竞争降低了评级被高估的可能性。进一步,债券收益率差价对信用评级的敏感度随着竞争程度的增加而增加,说明市场竞争有利于提高信用评级的信息价值。竞争程度的加剧有利于提高评级的准确性,从而验证了"竞争有利说"。对于民营企业以及由法制化水平更高地区的评级机构进行评级的企业而言,竞争对于评级准确性的正面效应更大。这些研究对于优化评级业市场结构、提高资本市场运作效率具有一定的启示。更多还原

【Abstract】 This paper explores the impact of competition of Chinese credit rating industry on rating accuracy,using bond rating data in China during 2002-2013. We find that credit ratings are lower and the ratings are more likely to be downgraded when competition becomes fiercer. Further,we find that the sensitivity of bond yield spread to ratings becomes larger when competition becomes fiercer.The results in the two aspects indicate that competition improves the rating accuracy,which proves the viewpoint of"competition advantage". Besides,for non-state-owned companies and companies rated by agencies in better law environment,the effect of competition on rating accuracy is more obvious. The research has certain implications for improving market structure of credit rating industry and increasing capital market efficiency.更多还原