报告题目：Foreign Ownership in Chinese Credit Ratings Industry: Information revelation or certification?
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.
石劲，现任澳大利亚麦考瑞大学商学院金融学教授、博士生导师、中国研究中心主任，澳大利亚国立大学金融学博士毕业。现为亚洲金融协会理事，SSCI来源期刊《Accounting and Finance》执行副主编。研究领域主要包括中国资本市场、公司金融、公司治理、政治经济学和企业经营策略等，已在American Economic Review, Journal of Political Economy, Administrative Science Quarterly, Strategic Management Journal，Management Science,Journal of Management Studies,《经济研究》等国内外学术期刊发表论文60余篇。