【摘要】 本文以上市的发债企业为样本,将国内评级与定量模拟出的标普信用评级进行对比,发现外国评级机构对国内发债企业的评级分布更趋于正态分布,且信用评级的区分度明显提升,但总体信用等级显著下降。在此基础上,本文进一步对企业股东属性和财务状况在国内评级与标普模拟评级中的显著性进行了实证检验。结果表明:企业股东属性在国内评级体系中的显著性高于模拟评级;企业财务状况在模拟评级中的显著性则高于国内评级。这也是模拟评级在信用评级区分度上高于国内评级的一个重要原因。因此,中国在开放国内信用评级市场之前,应该加强国内的信用评级制度建设。例如,建立"双评级"制度,以促进国内信用评级机构与国际信用评级机构开展良性竞争。更多还原

【Abstract】 Using a large sample of the listed companies, this paper compares domestic credit rating with the quantitatively simulated S&P credit rating, finding that the simulated credit rating tends to be more similar to normal distribution with a higher degree of differentiation, but the whole credit rating of the listed companies has dropped significantly. On this basis,the paper analyses the impact of enterprise property and financial conditions on domestic rating and simulated S&P credit rating. The results show that enterprise property is more significant in domestic credit rating than in simulated S&P credit rating,while financial conditions are exactly the opposite, which can be an important reason explaining why simulated S&P credit rating demonstrates a higher degree of differentiation. Therefore, we should first improve the construction of domestic credit rating system before opening up the domestic credit rating market, such as setting up a "double rating" system to establish a benign competition between domestic and foreign rating agencies.更多还原