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ping ji ji gou sheng yu zhai quan shi chang wei yue lv yu zhai quan xin yong ping ji peng zhang
Author(s): 
Pages: 147-154
Year: Issue:  24
Journal: Finance and Accounting Monthly

Keyword:  声誉违约率评级膨胀评级质量公司债企业债;
Abstract: 运用博弈论方法建立评级选购理论模型,实证检验评级机构声誉和债券市场违约率对信用评级膨胀的影响。基于2006~2018年发行的公司债和企业债数据研究发现:声誉机制能够抑制债券信用评级膨胀,评级机构声誉水平越高,其出具的评级结果对债券定价的有效性越强;债券市场违约率偏低会加剧债券信用评级膨胀;债券市场违约率偏低会削弱声誉机制对信用评级膨胀的抑制作用,降低评级结果对债券定价的有效性。
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