정부의 암묵적 보증이 공기업 신용등급에 미치는 효과: 도덕적 해이의 관점에서

초록

This paper analyzes the effect of (implicit) government guarantee on SOEs cost of capital through credit rating channel. We estimate credit rating advantages for SOEs when they issue corporate bonds between 2007 and 2015. Our main findings are for the following. First, the advantage of credit rating for SOEs made by government guarantee is 4 grades, which reduce the cost of capital by 3.16%p. Secondly, the credit rating spread between SOEs and private firms increases during 2008-2009 financial crisis and diminishes afterwards. Finally, whatever explicit or implicit government guarantee is, SOEs enjoy the benefit when they borrow the money in the bond market.

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