Influence of Global versus Local Rating Agencies to Japanese Financial Firms
Influence of Global versus Local Rating Agencies to Japanese Financial Firms
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全球评级机构与本地评级机构对日本金融公司的影响
DOI：
10.13106/jafeb.2018.vol5.no4.9
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发表时间：
2018
期刊：
影响因子：
--
通讯作者：
Yoon S. Shin
中科院分区：
文献类型：
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作者：
S. Han;W. Reinhart;Yoon S. Shin
自20世纪80年代以来，穆迪和S等全球评级机构一直对日本公司发行的公司债券进行信用评级。日本本土评级机构，如R&I和JCR，拥有比全球评级机构更大的市场份额。我们研究了1998至2014年间日本金融公司发行的1,050日元计价公司债券的收益率差，没有发现任何证据表明，与仅由当地评级机构评级的债券相比，至少有一家全球机构评级的债券与债务成本显著降低有关。与非金融公司不同，全球评级机构对日本金融公司不存在声誉效应。我们还观察到，信息不对称程度较低的公司更有可能获得穆迪或S的评级。此外，公司的财务状况并不影响其从全球评级机构寻求评级的选择。我们的发现与han、Pagano和Shin(2012)使用日本非金融公司发行的债券的研究结果相矛盾。我们的猜测是，金融公司的不对称性质使得投资者在确定新债券收益率时不太可能依赖评级机构的信用风险评估。
Global rating agencies, such as Moody’s and S&P, have assigned credit ratings to corporate bonds issued by Japanese firms since 1980s. Local Japanese rating agencies, such as R&I and JCR, have more market share than the global raters. We examine the yield spreads of 1,050 yen-denominated corporate bonds issued by financial firms in Japan from 1998 to 2014 and find no evidence that bonds rated by at least one global agency are associated with a significant reduction in the cost of debt as compared to those rated by only local rating agencies. Unlike non-financial firms, the reputation effect of global rating agencies does not exist for Japanese financial firms. We also observe that firms with less information asymmetry are more likely to acquire ratings from Moody’s or S&P. Additionally, the firm’s financial profile does not affect its choice to seek out ratings from global raters. Our findings are contradictory to those by Han, Pagano, and Shin (2012), who employ bonds issued by non-financial firms in Japan. Our conjecture is that the asymmetric nature of financial firms makes investors less likely to depend on a credit risk assessment by rating agencies in determining the yields of new bonds.