中國企業債市場信用評等尋購現象之探討：理論與實證;Rating Shopping in Chinese Enterprise Bond Market: Theory and Evidence

NCUIR > School of Management at National Central University > Department of Finance > Research Project > Item 987654321/79207

Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/79207

Title:	中國企業債市場信用評等尋購現象之探討：理論與實證;Rating Shopping in Chinese Enterprise Bond Market: Theory and Evidence
Authors:	黃泓人
Contributors:	國立中央大學財務金融學系
Keywords:	樣本選擇;信用評等尋購;相對利差;企業債;sample selection;rating shopping;relative yield spread;enterprise bond
Date:	2019-02-21
Issue Date:	2019-02-21 15:02:54 (UTC+8)
Publisher:	科技部
Abstract:	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.
Relation:	財團法人國家實驗研究院科技政策研究與資訊中心
Appears in Collections:	[Department of Finance] Research Project

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