Research On The Credit Rating Of Chinese Corporate Debt

Beginning with the default of the "11-Chao-Ri Bond",a collective default event occurred in 2016,and the bond default seriously damaged the credit environment of the market.As of2020,the scale of new bond defaults in China has reached 125.375 billion yuan,and the credit situation of enterprises is worrying,which is not conducive to the healthy development of the bond market,and the frequent default of bonds also makes scholars continue to look for the factors that affect the credit situation of enterprises.Therefore,this paper aims to improve the credit rating of corporate bonds and reduce the default risk of corporate bonds by looking for factors that affect the real credit situation of enterprises.The rating at the time of issuance of corporate bonds represents the real credit situation of enterprises,and selects ESG(Environment,Social,Governance,means corporate social responsibility)And ESG*(corporate social irresponsibility),study the relationship between ESG and ESG* and the real credit situation of enterprises,and provide ideas and solutions for reducing the default rate of corporate bonds.This paper selects corporate bonds issued by A-share listed companies from 2010 to2020 as the research object.After combing domestic and foreign literature on credit rating,reviewing stakeholder theory and information asymmetry theory.This paper uses multiple regression analysis to explore the influence of ESG or ESG* and three constituent angles of ESG(E,S,G)on bond credit rating,and makes an in-depth study of its influence path and business environment.In addition,heterogeneity research is also carried out according to the scale of enterprises,the nature of equity,high-tech or not.Finally,we explore the economic consequences of the impact of ESG or ESG* on bond rating,and integrate ESG and ESG* to explore bond credit rating,and draw the following conclusions :(1)ESG(ESG*)has a positive(negative)correlation with bond credit rating.After disintegrating ESG into E,S and G,Corporate governance ha a relatively large impact on bond credit,while social responsibility is not significant.(2)ESG* also has a mediating effect on bond credit rating through corporate Risk.In addition,the external commercial credit environment will reduce the negative impact of ESG* on bond credit ratings.(3)For large-scale,state-owned or non-high-tech enterprises,ESG(ESG*)has a more significant impact on bond credit rating.(4)After integrating ESG and ESG*,it is found that ESG still has a significant effect on bond credit rating,but ESG* does not.ESG and ESG* will directly lead to the change of bond financing cost,and ESG* will also affect the financing cost through the intermediary effect of bond credit rating.Enterprises can improve bond credit rating by reducing ESG* behavior to reduce financing cost.