[ECON20141304]

发展经济学研讨会

【总第19期】 

 
  【时间】 5月28日，星期三， 12:00—13:30   
  【地点】：明德主楼729会议室  
  【主讲人】：寇宗来   
  【主题】：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.  
 
 
  【演讲人简介】寇宗来老师是复旦社会主义市场经济研究中心教授、博导，复旦大学产业发展研究中心主任，主要研究方向是产业经济学、创新与知识产权、网络经济学、契约理论，在Journal of industrial economics, 《经济研究》、《世界经济》、《经济学季刊》等杂志上发表多篇学术论文, 入选“新世纪优秀人才计划”和“浦江人才计划”，主持过包括国家社科、教育部和上海社科等多项纵向科研项目  
 
 
 

欢迎相关领域老师同学参加！如有相关论文有意在研讨会上报告，也可以联系经济学院孙文凯老师（sunwk@ruc.edu.cn）。

        中国人民大学经济学院               2014年5月23日