Credie Rating Property Right Nature And Bond Financing Cost

In 2007,China Securities Regulatory Commission issued and implemented the pilot measures for the issuance of corporate bonds(hereinafter referred to as the "measures").Shortly after the promulgation of the measures,China’s first corporate bond-07 long term electricity bond was officially issued,which marks the official entry of corporate bonds into China’s capital market.Compared with corporate bonds,the issuance and guarantee conditions of corporate bonds are more relaxed,and the pricing method is more market-oriented.Therefore,once corporate bonds are launched,they are widely sought after by enterprises and investors.The measures also stipulates that enterprises with "good credit rating by credit rating agencies" can issue corporate bonds.As an independent third-party service organization,credit rating makes a professional and objective assessment of the credit risk of the enterprise and issues a credit rating report to the market according to the current business situation of the issuer and the expectation of the future growth.According to the theory of information asymmetry,an effective credit rating report can provide incremental information to the market and alleviate the problem of information asymmetry in the capital market.On the one hand,it can provide a reasonable reference for investors to make investment decisions,on the other hand,it can reduce the financing cost of debt issuing enterprises.How to reduce the cost of bond financing has been one of the important research topics in the field of finance.Many scholars have analyzed the influencing factors of bond financing cost from different fields.This paper studies the relationship between credit rating and bond financing cost from the perspective of information asymmetry.First of all,this paper refers to the previous research literature related to credit rating and bond financing cost.On the basis of combing and summarizing the above literature,this paper brings the variable of property right nature into the framework of the relationship between credit rating and bond financing cost,and proposes credit rating,property right nature and company based on the theory of signal transmission,default risk and transaction cost The research hypothesis of the relationship between bond financing costs.On this basis,this paper selects corporate bonds issued by Listed Companies in Shanghai and Shenzhen market from 2011 to 2018,constructs regression model for empirical test,and finally draws the following three conclusions:(1)There is significant negative correlation between bond credit rating and bond financing cost;(2)Corporate bond financing cost with state-owned background property right is lower than that of private enterprises;(3)Property right nature can positively adjust the effect of bond credit rating on bond financing cost.Finally,according to the conclusion of the study,the paper gives the relevant policy suggestions from the two angles of bond market and credit rating market.