A Study on The Timeliness of Credit Rating on Bond Defaults--Evidence from Chinese Bond Market

• 作者: Xiaohan Xu Yubo Li
• 来源期刊: 经济管理学刊:中英文版
• 学科: 经济
• 关键词: Bond Default Credit Rating TIMELINESS
• 年，卷（期）: 2020,（1）
• 页码范围: 45-54
• 页数: 10页
• 分类号: F42

摘要

With the increase of China’s bond issuance and slowdown of the economic growth,the potential credit risks such as bond default in the bond market are gradually emerging.The frequent occurrence of bond defaults and the problem of false credit ratings make bond investors and market participants more cautious about the credit ratings issued by rating agencies.Based on the default bonds from 2016 to 2019,this paper analyzes the adjustment of rating of defaulted bonds by rating agencies before default.It also compares the impact of both the regulatory events and the entrance of international agencies on timeless of credit ratings on default bonds.At the same time,the divergence of rating timeliness between different rating agencies is compared.The research shows that after the unified supervision of regulators and the punishment of Dagong Global Credit Rating Co.Ltd in 2018,the timeliness of rating agencies'downgrading of defaulted bonds has increased significantly;Compared with other rating agencies,the timeliness of rating agencies owned by international rating agencies are better.