An Empirical Study Of Corporate Credit Rating Of Enterprise Bond

Enterprise bond market is an essential component of our capital market, plays an irreplaceable role in corporate financing, capital operating and economic development. Whether the rating agencies have ability to assign appropriate credit rating to corporate debt obligation has great impact on both the bond issuer and investor.This paper chooses the issuers of inter-bank corporate bonds from 2008 to 2009 as population, first makes Logit Analysis and Multivariate Discriminant Analysis to the existed rating from the perspective of quantitative financial ratio, then analyze whether the built model is correspond to the cognition of credit risk in ordinary enterprise management, next determine whether the credit rating has been appropriately assigned from the recognition of the capital market and the following rating agency upgrade or downgrade. In the end, this paper points out the further research direction and makes initial policy suggestion to the current situation of corporate bond rating.Our current credit rating system has its own characteristics, and cannot exclude rating error. When error exists, capital market cannot fully recognize and make timely correction. As a result, it is essential for regulatory institutions to issue effective supervision and management, at the same time, market participants need to constantly improve credit rating theory and technology to ensure appropriateness and fairness.