臺北大學經濟學系Logo 經濟研究期刊意境圖
 
::: Sitemap * About Us * Faculty * Curriculam * TEI Journal * Events * download
背景
TEI Journal
:::
* Editorial Committee
 
* Publications
 
* Electronic Submission
Information
 
* Guidelines for
Accepted Manuscripts
 
* Issues
 
* Subscription Information
 
* Publishing Ethics
 
* Aim and Scope
 
背景
:::
回經濟學系首頁圖示 econ Home箭頭符號TEI Journal箭頭符號Issues
Econ Home Icon ECON Home * NTPU Home Icon NTPU Home * Contact Us Icon Contact Us * Chinese Version Icon Chinese *
 
*
 
Effects of Guarantees on the Relationship Between Credit Rating and Bond Yield Spread

56, 1, 115-161, 01, 2020
空白

* Authors: Yu-Li Huang and Chung-Hua Shen
 
* Keywords: China, Nonfinancial Bonds, Credit Rating, Bond Yield Spread, Guarantee
 
* JEL Classification: G30, G32, G38
 
* Download: 文件下載圖示 (另開新視窗) Full Text
 

* Abstract *
 
  This study uses non-financial bonds to investigate how the guarantees affect bond credit ratings and yield spreads in China. With our sample spanning from 2007 to 2015, the results are as follows. First, the guarantees enhance the effect of credit ratings. Second, credit ratings still explain bond yield spreads even though the rating inflation phenomenon is popular in China. Third, investors demand higher risk premiums for bonds with guarantees versus similar bonds without guarantees. This evidence is more pronounced when the guarantors are local state-owned enterprises (SOEs) or specialized guarantee corporations than other types of firms. Fourth, investors also consider the credit rating of the guarantor with the risk premium being higher for guarantors with lower credit ratings
 
返回上一頁

 
空白

通過A+等級無障礙網頁檢測 (另開新視窗) 臺北大經濟學系Logo
Copyright©2007National Taipei University Department of Economics Website design by fansio
No.151, Daxue Rd., Sanxia Dist., New Taipei City 237, Taiwan TEL:(02)8674-1111ext.67160 / FAX:02-26739880 / emailecon@mail.ntpu.edu.tw
回頁面上方