【摘要】 本文分析了中国证监会对评级机构的警示函处罚带来的影响和评级机构的应对。研究发现，受处罚的评级机构会显著上调债券发行人的主体信用评级，并获得更高的评级市场份额。在采用熵平衡匹配等方法进行稳健性检验后，结果仍然存在。进一步分析发现，上调发行人评级的动作在发行人与评级机构之间存在利益关联，或者发行人自身违约风险较低时更为明显。本文系统地分析了警示函处罚对评级机构行为的影响，为我国评级机构监管的发展提供了实证依据。更多还原

【Abstract】 This paper examines the consequence of the warning letter issued by the China Securities Regulatory Commission(CSRC) on rating agencies and their responses. We find that punished rating agencies significantly increase the current clients’ credit ratings to gain a higher market share. The results hold under different robustness tests, such as entropy balancing matching. Further analysis shows that the effect is stronger for issuers with important interests and low default risk. This paper systematically analyzes the influence of the CSRC’s warning letter on the behavior of rating agencies, which provides empirical evidence for rating agency supervisions in China.更多还原