THE INFLUENCE OF REGULATORY INQUIRY LETTERS ON BOND CREDIT RATINGS
Regulatory inquiry letters play a significant role in external governance by enhancing the compli-ance awareness of market entities,strengthening the quality of information disclosure by listed companies,and reducing debt risk.This study examines the impact of regulatory inquiry letters on bond credit ratings,focu-sing on bond-issuing listed companies on the Shanghai and Shenzhen A-share markets from 2014 to 2022.Empirical results indicate that regulatory inquiry letters lower the credit ratings of corporate bonds,and this relationship is more pronounced in companies with high managerial agency costs,those receiving ratings from foreign institutions,and those with lower rating scores.Mechanism tests reveal that corporate reputation and analyst attention are the channels through which regulatory inquiry letters affect bond credit ratings.Further research finds that the more severe the inquiry and the later the company's response,the greater the negative impact on bond credit ratings.The study's conclusions not only enrich the research on the regulatory effects of inquiry letters in the bond market but also provide important insights for the improvement and development of China's regulatory inquiry letter system and for the stability of the bond market.
NETL
NSTL
万方数据
维普
