本研究利用中國企業債信用評等市場寡佔的特性，探討此市場是否存在的信用評等尋購現象。本研究建立理論模型以提出假說，並使用中國市場的萬得資料庫進行實證分析。本研究主要探討三個問題：(1) 中國市場是否存在信用評等尋購現象 (2) 如果存在尋購現象，則會造成的市場影響為何？ (3) 如果存在尋購現象，誰會得利，誰會受害 ;The monopolistic structure of Chinese rating industry, rather than the oligopolistic structure in the US, provides a natural experiment on exploring the existence of rating shopping. In this research, we propose a theoretical model and use the data from Wind to conduct the empirical studies. We examine a few issues (1) whether rating shopping exists in the Chinese enterprise bond market? (2) If it does exist, what's its impact on relative yield spreads (3) If it does exist, who will benefit and who will be penalized from it.
