[ECON20141304]

發展經濟學研討會

【總第19期】 

 
  【時間】 5月28日，星期三， 12:00—13:30   
  【地點】：明德主樓729會議室  
  【主講人】：寇宗來   
  【主題】：Is credit rating a rubber stamp in China?  
  【摘要】：The paper aims to study whether credit rating can affect corporate bond-issuing cost. It is commonly believed that rating shopping under current institution inflates debt rating, but simple OLS analysis shows that good credit rating can significantly corporate bond–issuing cost. An interesting dilemma arises: if the OLS result is credible, then the market will be at least partly inefficient. To tackle potential endogeneity problems, we use the competitiveness between rating companies as an instrument for credit rating. Our instrument-base regression shows that credit rating has no statistically significant effect on bond-issuing cost， and compared to OLS result, its economic effect also becomes weaker. So, we conclude that credit rating inflation does not cheat the market, and it only makes credit rating as rubber stamps.  
 
 
  【演講人簡介】寇宗來老師是復旦社會主義市場經濟研究中心教授、博導，復旦大學產業發展研究中心主任，主要研究方向是產業經濟學、創新與知識產權、網絡經濟學、契約理論，在Journal of industrial economics, 《經濟研究》、《世界經濟》、《經濟學季刊》等雜志上發表多篇學術論文, 入選“新世紀優秀人才計劃”和“浦江人才計劃”，主持過包括國家社科、教育部和上海社科等多項縱向科研項目  
 
 
 

歡迎相關領域老師同學參加！如有相關論文有意在研討會上報告，也可以聯系經濟學院孫文凱老師（sunwk@ruc.edu.cn）。

        中國人民大學經濟學院               2014年5月23日