報告題目：Foreign Ownership in Chinese Credit Ratings Industry: Information revelation or certification?
報告人：石勁 教授
時間：2019年12月12日（星期四）15:30
地點：燕山校區1號教學樓1505教室
承辦單位：科研處、統計學院
Abstract：
This study investigates the informational roles of foreign ownership in local credit rating agencies in the fast expanding Chinese onshore debt market, the world largest emerging debt market. We show evidence of a robust negative relationship between bond offering yield and foreign ownership in local credit rating agencies. This suggests that ratings provided by raters with foreign ownership certify the credit quality of debt issuers, and thus enhance the market values of debt new issues. The further analysis on the information content of ratings provided by agencies with foreign ownership, however, is in contrast with the information revelation role of foreign-owned rating agencies. Foreign-owned rating agencies exhibit no better predictive power of issuers’ future credit performance than pure domestic rating agencies. In addition, we document no significant stock price reactions toward the announcements of rating revisions made by either domestic or foreign-owned rating agencies. The subsequent results indicate that foreign-owned rating agencies seem not to reveal additional information to capital market participants.
報告人簡介：
石勁，現任澳大利亞麥考瑞大學商學院金融學教授、博士生導師、中國研究中心主任，澳大利亞國立大學金融學博士畢業。現為亞洲金融協會理事，SSCI來源期刊《Accounting and Finance》執行副主編。研究領域主要包括中國資本市場、公司金融、公司治理、政治經濟學和企業經營策略等，已在American Economic Review, Journal of Political Economy, Administrative Science Quarterly, Strategic Management Journal，Management Science,Journal of Management Studies,《經濟研究》等國內外學術期刊發表論文60余篇。
