反问题研究：信用风险评级作为

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英文标题：
《An Inverse Problem Study: Credit Risk Ratings as a Determinant of
  Corporate Governance and Capital Structure in Emerging Markets: Evidence from
  Chinese Listed Companies》
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作者：
ManYing Kang and Marcel Ausloos
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最新提交年份：
2017
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英文摘要：
  Credit risk rating is shown to be a relevant determinant in order to estimate good corporate governance and to self-optimize capital structure. The conclusion is argued from a study on a selected (and justified) sample of (182) companies listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange and which use the same Shanghai Brilliance Credit Rating & Investors Service Company assessment criteria, for their credit ratings, from 2010 to 2015. Practically, 3 debt ratios are examined in terms of 11 characteristic variables. Moreover, any relationship between credit rating and corporate governance can be thought to be an interesting finding. The relationship between credit rating and leverage is not as evident as that found by other researchers from different countries; it is significantly positively related to the outside director, firm size, tangible assets and firm age, and CEO and chairman office plurality. However, leverage is found to be negatively correlated with board size, profitability, growth opportunity, and non-debt tax shield. Credit rating is positively associated with leverage, but in a less significant way. CEO-Board chairship duality is insignificantly related to leverage. The non-debt tax shield is significantly correlated with leverage. The correlation coefficient between CEO duality and auditor is positive but weakly significant, but seems not consistent with expectations. Finally, profitability cause could be regarded as an interesting finding. Indeed, there is an inverse correlation between profitability and total debt (Notice that the result supports the pecking order theory). In conclusion, it appears that credit rating has less effect on the so listed large Chinese companies than in other countries. Nevertheless, the perspective of assessing credit risk rating by relevant agencies is indubitably a recommended time dependent leverage determinant.
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中文摘要：
信用风险评级是评估良好公司治理和自我优化资本结构的相关决定因素。这一结论来自于对上海证券交易所和深圳证券交易所（182家）上市公司的一项选定（且合理）样本的研究，这些公司在2010年至2015年的信用评级中使用了相同的上海华晨信用评级与投资者服务公司（Shanghai Brilliance Credit Rating&Investors Service Company）评估标准。实际上，根据11个特征变量检验了3个债务比率。此外，信用评级与公司治理之间的任何关系都可以被认为是一个有趣的发现。信用评级和杠杆之间的关系不像来自不同国家的其他研究人员所发现的那么明显；它与外部董事、公司规模、有形资产和公司年龄以及首席执行官和董事长办公室多元化显著正相关。然而，杠杆率与董事会规模、盈利能力、增长机会和非债务税盾呈负相关。信用评级与杠杆率呈正相关，但不太显著。首席执行官和董事长的双重身份与杠杆率没有显著关系。非债务税盾与杠杆率显著相关。首席执行官二元性与审计师之间的相关系数为正，但弱显著，但似乎与预期不一致。最后，盈利原因可以被视为一个有趣的发现。事实上，盈利能力与总债务之间存在负相关关系（请注意，结果支持优序理论）。总之，与其他国家相比，信用评级对如此上市的中国大公司的影响似乎较小。然而，由相关机构评估信用风险评级的角度无疑是一个建议的依赖时间的杠杆决定因素。
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：Economics        经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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一级分类：Statistics        统计学
二级分类：Applications        应用程序
分类描述：Biology, Education, Epidemiology, Engineering, Environmental Sciences, Medical, Physical Sciences, Quality Control, Social Sciences
生物学，教育学，流行病学，工程学，环境科学，医学，物理科学，质量控制，社会科学
--

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关键词：问题研究 信用风险 relationship Applications Expectations