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Does increased creditworthiness lead to a reduced interest rate? : a study of external credit ratings' potential to influence a company's average interest rate

机译:信誉度提高会导致利率降低吗? :对外部信用评级可能影响公司平均利率的研究

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摘要

The main objective is to explain whether increased creditworthiness leads to decreased average interest rates. The creditworthiness is represented by Bisnode’s credit rating codes. Involved in the study are Norwegian limited liability companies. The assessment extends from 2005 to 2011, and the analyses were executed for each year separately. The motivation has been to verify if creditors are covering credit risk responsibly by requiring an amount of compensation, in the form of an interest rate, which is at par with the perceived level of company credit risk.The credit rating codes are divided into five categories and regression analysis has been applied in order to detect whether the differences between the interest rate per credit rating code are statistically and economically significant.Almost all interest rate differences between the credit rating codes are found statistically significant. The findings do not apply to the interest rate difference between AAA- and AA-rated companies or between AA- and A-rated companies, due to insignificant results. The order of the differences is as expected. C-rated companies carry higher interest rates than B-rated companies, which carry higher interest rates than A-rated companies, etc. The economic significance is considered high due to the large size of the interest rate differences and because credit rating code changes are detected frequently. This proves that firms extending credit rating codes contribute to enable well-functioning credit markets between debtor and creditor on the capital market.One of the limitations of this thesis has been the aggregated level of the interest rates. When executing further research, it would be advantageous to access less aggregated data and also to increase the sample size. In to obtain more accurate average interest rate calculations, the interest rates should be weighed according to the size of the relevant firm’s interest-bearing debt.
机译:主要目的是解释信誉度提高是否导致平均利率降低。信誉由Bisnode的信用等级代码表示。参与研究的是挪威有限责任公司。评估从2005年持续到2011年,每年分别进行分析。动机是通过要求以利率形式的补偿额来验证债权人是否以负责任的方式承担了信用风险,该补偿额与公司信用风险的感知水平相称。信用评级代码分为五类为了检测每个信用评级代码之间的利率差异是否在统计上和经济上具有显着性,我们进行了回归分析。信用评级代码之间的几乎所有利率差异在统计上都是显着的。由于结果微不足道,因此该发现不适用于AAA级和AA级公司之间或AA级和A级公司之间的利率差异。差异的顺序符合预期。 C级公司的利率高于B级公司,后者的利率也高于A级公司等。由于利率差异大且信用评级代码变化大,因此具有较高的经济意义。经常检测到。这证明了扩展信用评级代码的公司有助于在资本市场上使债务人和债权人之间的信用市场运作良好。本文的局限之一是利率的总水平。在进行进一步研究时,访问较少聚合的数据并增加样本量将是有利的。为了获得更准确的平均利率计算,应根据相关公司的计息债务规模对利率进行权衡。

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    Brodtkorb Kaja Marie;

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  • 年度 2014
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