Research On The Impact Of Corporate Innovation Investment On Credit Ratings

Credit rating is an important basis for judging the default risk of bonds and evaluating the value of bonds.For investors,credit rating is a direct way of signaling,so that investors can accurately understand the credit risk of enterprises and the bonds,so as to make more reasonable investment decisions;For issuers,credit rating is the embodiment of the company's solvency,not only determines whether the bonds can be issued successfully,but also affects the financing scale and cost of the company.In the case of asymmetric information,credit rating helps investors to grasp the company's information effectively,reducing the information asymmetry between investors and financiers.Under the background of developing bond market in China,it is very important to study the influencing factors of credit rating.Corporate innovation is an important part of corporate management.Continuous innovation is an important means for enterprises to develop and expand,enhance their core competitiveness and obtain excess profits(Pan Yue,2015).In the current context,innovation has become the theme of the times Strengthen the ability of independent innovation of enterprises,highlight the dominant position of enterprises in the technological innovation system will help to enhance the core competitiveness of enterprises.The current research on the role of enterprise innovation mainly focus on the performance of business growth and the stock market value of the enterprise,few literatures have studied the impact of innovation investment on corporate credit rating from the perspective of bond investors and rating agency in bond market.So,will the innovation investment affect the credit rating?In view of this,this paper takes A shares listed companies in China for 2008-2015 years as samples,construct ordered logistic model and multiple regression on the basis of theoretical analysis,tests the impact of innovation investment on the credit rating of listed companies empirically.After defining the relationship between innovation investment and credit rating,this paper further analyzes the different effects of innovation investment on credit rating under different conditions.Specifically,(1)The innovation investment of enterprises is positively correlated with the current credit rating,which reflects the short-term "signal effect" of innovation investment.(2)The innovation investment of enterprises has a significant positive impact on the credit rating in the future period,reflecting the long-term "performance effect" of innovation investment.(3)The quality of internal accounting information will have a moderating effect on the relationship between the two.(4)The efficiency of innovation within the enterprise will play a regulatory role in the relationship between innovation input and credit rating.Starting from the role of enterprise innovation investment,this paper studies the impact of enterprise innovation investment on credit rating in different periods and the influencing mechanism.It enriches the existing research on the economic consequences of enterprise innovation,and provides further evidence for the impact of innovation investment on the reflection of investors and the development of enterprises.This paper enriches theoretical research on enterprise innovation and credit rating,and provides some references for the innovation investment and rating agencies of China's enterprises.