近日，我院教师高志副教授（通讯作者）与合作者的论文《China's no-bailout reform: Impact on bond yields and rating standards》在金融学国际重要期刊《Journal of Banking & Finance》第133卷（2021年）上发表。《Journal of Banking & Finance》影响因子3.070，在2021年SSCI分区中属于Q1，是AJG（ABS）三星期刊，也是我校校定A级期刊。该论文的发表，有助于提升我院科学研究和学科建设水平。

  Abstract：The Chinese government broke its long-standing practice of bond bailouts in March 2014. The number and value of bond defaults increased substantially in the following years. We investigate bond defaults in China from 2014 to 2019 and examine the impact of no-bailout reform. We find significantly higher yield spreads on lower-rated bonds over AAA bonds after the policy change. Furthermore, we document much lower default rates for SOE bonds than non-SOE bonds and an increased funding advantage of SOEs after March 2014. Surprisingly, credit rating agencies loosened rating standards in response to the policy change, suggesting their caving into issuer demands for higher ratings.

作者简介: 

    高志，男，安徽财经大学金融学院副教授，经济学博士，经济类跨专业综合实验中心副主任。研究方向为资产定价与风险管理、量化投资。近年来主持省级项目2项，在EI、SSCI、CSSCI检索期刊发表多篇论文。

    (撰稿：岑一峰；审核：吴鑫育)