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3492文章研究了债券发行人的产权性质如何影响信用评级机构付费模式与债券评级质量之间的关系。与发行人付费机构相比，投资者付费机构的独立性强，但缺乏获取企业内部信息的渠道。文章认为，发行人产权性质同时影响投资者付费机构的独立性优势和信息劣势。文章基于我国第一家投资者付费机构中债资信评估有限责任公司（下文简称“中债资信”）的研究显示：与发行人是国有企业的情况相比，当发行人是民营企业时，中债资信评级相对于发行人付费机构评级的信息含量更少，但调整及时性更强，发行人收买评级机构的能力和公开信息量与中债资信评级信息含量的正向关系也更强。文章研究表明，发行人产权性质是决定投资者付费机构评级质量的重要因素。
发行人产权性质、付费模式与债券评级质量——基于中债资信的经验证据
摘要
参考文献
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引用本文
张舒怡, 潘怡麟, 朱凯. 发行人产权性质、付费模式与债券评级质量*——基于中债资信的经验证据[J]. 财经研究, 2021, 47(5): 19-33.
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