债券通的实施对债券信用评级的影响研究

Research on the Impact of the Bond Connect on Bond Credit Rating

摘要: “债券通”的实施推动了境内债券市场与国际制度接轨，促进了中国资本市场进一步开放。本文以“债券通”的实施这一事件为契机，以2015~2019年A股上市公司发行的中期票据和企业债为样本，结合倾向得分匹配思想和双重差分模型实证研究了“债券通”的实施是否对债券信用评级能产生影响。研究结果发现：“债券通”的实施会使债券信用评级降低，并且这一关系在声誉较高的评级机构和投资者关注度的公司中更为明显。这说明“债券通”实施对提升信用评级质量具有积极作用，有助于完善债券市场体系建设和促进信用评级行业发展。本文拓展了资本市场开放影响的相关研究，也为债券通的进一步推行提供了理论依据。

Abstract: The implementation of Bond Connect system has promoted the integration of domestic bond market with international system, which is conducive to the further opening of China's capital market. Taking medium-term notes and corporate bonds issued by A-share listed companies from 2015 to 2019 as samples, this paper uses PSM-DID to empirically study whether the implementation of Bond Connect system can affect the bond credit rating. The results show that the implementation of Bond Connect system will reduce the credit rating of bonds, and this relationship is more obvious in rating agencies with high reputation and companies with high investor attention. This shows that the implementation of Bond Connect system plays a positive role in improving the quality of credit rating, and helps to improve the construction of bond market system and promote the development of credit rating industry. This paper expands the relevant research on the impact of capital market opening, and also provides a theoretical basis for the further implementation of the bond link system.