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首页> 外文期刊>Journal of financial economics >Information asymmetry and firms' credit market access: Evidence from Moody's credit rating format refinement
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Information asymmetry and firms' credit market access: Evidence from Moody's credit rating format refinement

机译：信息不对称与企业的信贷市场准入：穆迪信用评级格式细化的证据

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摘要

I exploit Moody's 1982 credit rating refinement to examine its effects on firms' credit market access, financing decisions, and investment policies. While firms' ex ante yield spread can partially predict the direction of refinement changes, firms with refinement upgrades experience an additional decrease in their ex post borrowing cost compared with firms with downgrades. The former subsequently also issue more debt and rely more on debt financing over equity than the latter. Lastly, upgraded firms have more capital investments, less cash accumulation, and faster asset growth than downgraded firms. These findings show that credit market information asymmetry significantly affects firms' real outcomes.
机译：我利用穆迪（Moody）于1982年提出的信用评级细化方法来研究其对公司信用市场准入，融资决策和投资政策的影响。尽管企业的事前收益差价可以部分预测炼油厂变化的方向，但与炼油厂评级相比，具有炼油厂升级的企业的事后借贷成本会进一步降低。随后，与后者相比，前者还发行了更多的债务，并更多地依靠股权进行债务融资。最后，升级后的公司比降级的公司拥有更多的资本投资，更少的现金积累和更快的资产增长。这些发现表明，信贷市场信息不对称会严重影响企业的实际结果。

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