企业信用等级与经济周期波动相关性的实证分析.pdf

企业信用等级与经济周期波动相关性的实证分析.pdf

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时间:2020-03-05

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1、ABSTRACTC,Asthefastdevelopmentofhinasbondmarketinrecentyears,creditrating,aencesbusnessvolumehaeenncreasedtheirratinmethodoloan过raingiisbigt,gyg,,i打dicatorsystemhasbeenbuilt,and化eirimportanceinChinasfinancialmarket,Qiinassocietyandinternationalsocietyhasb

2、eenimprovedgradually.Afteryearsofdevelopment,creditratinagencieshaveobtainedalotofcreditratindatawhichhasmadeitisgg,possibleforresearchesintherelatedsubects.j,I打theroce巧ofcreditrati打gaencyscorporatecreditratinassinmentamultilepggg,poffactorsshouldb

3、econsideredsuchasreionaleconomicdevelomentleveland,gp,fi打ancialstrenthindustrcharacristicsshareholdersbackroundcurrentoperating,y,g,gsituationandsomeof化efactorsabovewillbemfluencedb化emacroeco打omicsituation,yn,isomedegree.Becauseof化efluctuationofChinasmacro

4、economicrowthrateinrecentg,yearscompanysoperatingsituatio打mustbeinfluencedbyacroeconomindustrcycle,m乂y,n,andfinancialmarketfluctuation.Thereforeauestionofwhethercreditratiae凸cys,qggcorporatecredit:rati打gassignmentshavebee打movedin这simUarwayisworthtoinve

5、stigat氏Numbersofrati打gadjustmentsinrecentyearscombinedwi化crediteventshaeneddurinthelasttwoearshavemadeinstitutionalinvestorssuchascommercialppgy,banksandinsurancecompaniespaidmoreattention化ratingadjustments,化erefore,thei打vestiationofthisuestionstillhass

6、omemeanininrealit.gqgyToanalysisthecorrelationbetweencorporatecreditratingandeco打omicfluctuation,thisap符hasreviewedrelatedliteraturesonsubectsofbusinesscycle化eories化epj,化,procyclicalityoffinancialsystem,ecorrelationbetweencompanysoperatingoutcomeandeconomi

7、cfluctuation,andthecorrelationbetweencorporatecreditratingandeconomicfluctuation.In化esubjectofbusinesscycle化eories,化ispaperhassimplyreviewedmaintheories.I打thesubjectoftheprocyclicalityof

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