수익비용대응과 회사채 신용등급

초록

This paper investigates the informational role of revenue-expense matching level in the bond market by examining the effect of matching level on corporate bond ratings. Following Dichev and Tang(2008), we use the obtained by regressing current revenues on current expenses as the proxy for revenue-expense matching. We run ordered logistic regressions to verify the effect of the matching level on corporate bond ratings. We employ 2,237 firm-year data from 2003 to 2012 for firms listed on Korea Stock Exchange(KSE). Our empirical result shows that greater revenue-expense matching is associated with higher corporate bond ratings, comprised of 20 grades. Further, it is consistent with the results which we analyze by using dichotomous (qualified or unqualified) and 8-notch broad investment grades as a proxy for corporate bond ratings.

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