| As an important part of corporate finance theory, corporate financing has been the focus of scholars at home and abroad research content. Especially to determine the influence factors of corporate financing behavior of exploration is the core issue of capital structure theory. Scholars generally,agree that both at home and abroad, the company’s financing behavior is affected by macro level and micro level factors.Credit rating agencies play an important role in the capital market of the countries and regions in the financial system as a main form of external credit risk evaluation. It is generally believed that the credit rating results have a significant impact on the absolute value of bond yields and credit spreads and its volatility thus has a significant influence on debt financing cost. Also some people think that credit ratings have significant effect on the company’s financing constraints, leading to credit ratings to influence company’s financing behavior. However in recent years, foreign credit rating agencies rating results have been questioned by the academic and practical circles that credit rating agencies not only failed to play their information transmission, to reveal the function of the risk, but played the driving forces behind the crisis in the financial crisis negative effects. Especially the three international famous agencies:Moody’s, Standard & Poor’s and Fitch monopoly the global market for the most part of the business. Their sovereign credit ratings, to a certain extent, led to the outbreak of the crisis. Rating industry in the financial crisis shows that the role of the rating industry production and the development of the purpose are to reveal and risk warning, but the accuracy and timeliness of the actual business in the three major international rating agencies is of worrying.Our country’s credit rating industry was established in the 1980s and gradually developed with the bond issues, trade and circulation. With the development of multi-level financial market and a variety of financial instruments, investors need to master a new risk profile of financial assets. Can the credit rating results made by domestic rating agencies reveal the exact risk of the financial market instruments? Will the credit rating results effect the financing cost or financing structure of companies? These problems are the domestic company financing structure theory to explain and supplementary content, and to our country’s credit rating the deep reasons of the impact on corporate financing, to reveal the credit rating industry healthy development to provide effective way.For a long time, in the international capital market, the big three ratings giants are at little or no supervision monopoly rating rights. China, on the other hand, in the international capital markets has no rights with its own economic strength. Wu Gong, the central financial and economic leading group office of the inspector, once said:now has reached the credit rating to the national strategic level of time! Research on our country’s credit rating industry and on its influence on the economic level is necessary to enhance the level of our country’s credit rating industry. In this paper I studied the relationship between credit ratings and corporate financing. Based on domestic credit rating of credit rating agencies and the relationship between the enterprise financing costs, and the rating on the impact of financing constraints, I summarize the domestic credit rating agencies rating system and regulatory problems and try to put forward the corresponding solutions, for the healthy development of domestic credit rating industry and industry regulations to provide theoretical support.This article begins with the introduction part that the author elaborated the paper research background, research significance, the research motive, research methods and research content and the related literature were reviewed. The second chapter is the therotical basis of effcts of credit rating system and its impact on the financing behavior. First, I summarize the connotation of credit rating, parties, and the influence factors of credit rating, simply review the origin and development of credit rating, and illustrate the theoretical basis of credit rating generation and development, finally from the point of view of the capital structure theory combing the theory of corporate finance, respectively expound the modern capital structure theory, principal-agent theory and information asymmetry theory of signal transmission model, establish the credit rating impact on corporate financing behavior of the theoretical basis. And then based on the trade-off theory and pecking order theory, I theoretically analysis the influence of credt rating on the company’s debt and the total debt financing cost, financing constraints, thus the basis of the impact on enterprise’s financing.The third chapter is about the cost of financing with different levels of credit rating.Liquidity and credit risk is the main risk of corporate bonds. High liquidity can guarantee the efficiency of the market price, to achieve the effective allocation of resources. Compared with western developed countries, China’s corporate bond market size is limited. The impact of credit ratings on bond yields have not been unified theoretical definition and empirical test, especially in the bond market in our country, the bond credit rating by liquidity risk and credit risk’s influence on the bond issuance costs have not been empirically identified. In this chapter I examine corporate bond credit rating influence on bond financing cost, and on the liquidity using a simple but effective measurement method. It is concluded that the bond credit rating will directly affect the cost of bond financing, and also indirectly affect cost of bond financing through affecting the liquidity risk of bonds. Finally, I test the different firm rating influence the total debt financing cost.Overall, Company’s debt financing cost is not affected by the credit rating, yet ratings of state-owned enterprises have a significant influence on corporate debt financing cost, the higher the rating, the lower the cost of debt financing is; For all listed companies, to obtain funding sources from Banks and other financial institutions means the improvement of enterprise’s financing ability, and reduces the cost of debt financing of the enterprise, enhance the profitability of enterprises can reduce corporate debt financing costs; For all companies, with the increase of company size, the cost of financing is reduced, but the variable has no significant impact on the cost of financing of private enterprises.The fouth chapter is about effect of different credit rating level on financing constraints. The internal and external financing cost difference by different degree of financing constraints and external resources ration will be consided in enterprise financing decisions. If the cost of external financing constraints is higher, so the enterprise will be retained or investment income cash flow. The enterprise with high financing constraints must be limited by its internal cash flow. Credit ratings, as the external performance of enterprise risk status, may affect degree of enterprise’s financing constraints. From the methods of other scholars, I use the analysis of enterprises with investment-cash flow method to measure financing constraints. The empirical result is different from foreign research conclusion. The higher the rating of the company is, the greater degree of the financing constraints faced by a company, especially AAA company bears the largest degree of financing constraints; Rating upgrade enterprise has no significant effect on the degree of financing constraints, but the downgrades may significantly add to degree of financing constraints of the enterprise. The results similar are that issuing bonds can significantly alleviates degree of financing constraints, the effect to private and state-owned listed companies are all significant.The fifth chapter is about effects of credit rating on financing structure including financing structure of companies near credit rating upgrades or downgrades and financing structure after rating downgrades and upgrades. First, I analysis the relationship between credit rating changes and corporate financing behavior from three aspects:the enterprise’s financing cost difference of different rating, the credit rating of information value and the regulation of credit rating cost; Using the data of companies close to credit rating upgrades or downgrades, I empirically test credit rating influence on enterprise capital structure decisions, and joined the enterprise external financing dependent variables and growth opportunities, empirically test financing behavior of the company near rating chages.The empirical test results imply that, state-owned enterprises value its credit rating level in the financing decisions. State-owned companies near downgrades will significantly reduce the debt financing to maintain high level of credit rating; AAA company with higher Z score, in spite of whether there are external financing needs, will increase net debt issued by the financing strategy, and the AA+ company in the capital structure decision, only those who have the external financing needs of the company will consider whether rating changes may bring good things. For a company with external financing needs and with downgrade in. credit rating, in financing decision he will give full consideration to the rating downgrade which will bring higher financing costs, thus significantly reduce net debt issuance; Companies with external financing needs and near upgrade, also consider to upgrade profits for debt financing cost is reduced, thus reducing net debt issuance to realize the rating of the actual upgrade.Company development opportunities for the company’s financing behavior had no significant influence. Since the national development and reform commission stipulated that companies who want to issue bonds must get AA-of higher credit ratings the company’s financing structure has a significant been impact, grade AA-and the following company significantly reduce net debt issued.In this chapter I also test the the the company’s financing behavior after rating upgrades of downgrades. Based on Myers (1984) after the pecking order theory and dynamic capital structure model, I build the process of establishing enterprises towards the target capital structure model, to inspect whether companies downgrade in the main body of the rating, can reduce or increase the owner’s equity financing of debt financing to make credit rating back to the original rating, and the companies after the ratings upgrades will in order to maintain a high rating, and won’t increase liabilities or reduce equity capital structure decision, and make full use of higher ratings of the benefits of lower funding costs, then increase the financing of debt financing behavior. The study found that after credit rating upgrading the company did not increase their net debt in order to maintain higher credit rating grades, yet the downgrade company did not significantly reduce the debt financing structure, shows that degradation is not taken appropriate capital structure decision-making to make their own credit rating "back up". Only a downgrade from AAA to AA+ company has significantly reduced debt financing behavior.The sixth chapter is based on the current situation of our country’s credit ratings, for the reasons of our country’s credit rating to influence corporate financing, respectively from the credit rating of charging mechanism, competition mechanism, the credit rating system of our country’s credit rating regulatory defect Angle. I elaborated our country’s credit rating to influence corporate financing behavior of reasons. And at last aimed at the three aspects I put forward the healthy development of our country’s credit rating industry and some financing proposal for different credit rating companies.
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