摘要
财务透明度作为衡量企业信息质量的重要指标，对企业信用评级具有深远影响。本研究基于财务透明度与企业信用评级之间的内在关联，探讨二者的关系及其作用机制。研究以中国A股上市公司为样本，采用2015年至2022年的面板数据，通过构建多元回归模型和引入中介变量分析方法，系统考察了财务透明度对信用评级的影响路径。研究发现，较高的财务透明度能够显著提升企业的信用评级，其主要作用机制在于降低信息不对称程度，增强投资者信任，并优化外部融资环境。此外，研究进一步揭示了公司治理水平在这一关系中的调节作用，即良好的公司治理能够强化财务透明度对信用评级的正向影响。本研究的创新点在于将财务透明度的多维度特征纳入分析框架，并结合实际市场数据验证了其对信用评级的具体影响路径。这一成果不仅丰富了财务透明度与信用评级关系的理论研究，还为企业提升信用评级提供了实践指导，同时为监管机构完善信息披露制度提供了重要参考。
关键词：财务透明度；信用评级；信息不对称；公司治理；中介变量分析
Abstract
Financial transparency, as a critical indicator of corporate information quality, has profound implications for credit ratings. This study investigates the relationship and underlying mechanism between financial transparency and credit ratings based on their intrinsic linkage. Using Chinese A-share listed companies as samples and panel data from 2015 to 2022, the study systematically examines the impact pathways of financial transparency on credit ratings through the construction of a multiple regression model and the incorporation of mediating variable analysis. The findings indicate that higher levels of financial transparency significantly enhance corporate credit ratings, primarily by reducing information asymmetry, strengthening investor trust, and improving external financing environments. Furthermore, the study reveals the moderating role of corporate governance in this relationship, demonstrating that sound governance practices can amplify the positive effects of financial transparency on credit ratings. A key innovation of this research lies in integrating the multi-dimensional characteristics of financial transparency into the analytical fr amework and validating its specific impact pathways on credit ratings using real-world market data. These results not only enrich the theoretical understanding of the relationship between financial transparency and credit ratings but also provide practical guidance for enterprises seeking to improve their credit ratings and offer valuable insights for regulatory authorities aiming to refine disclosure regulations.
Keywords：Financial Transparency; Credit Rating; Information Asymmetry; Corporate Governance; Mediating Variable Analysis
目 录
摘要 I
Abstract II
一、绪论 1
(一) 财务透明度与信用评级的研究背景 1
(二) 研究财务透明度与信用评级的意义 1
(三) 国内外研究现状综述 1
二、财务透明度的衡量与影响因素分析 2
(一) 财务透明度的概念界定 2
(二) 财务透明度的主要衡量指标 3
(三) 影响财务透明度的关键因素 3
三、企业信用评级的形成机制与评估标准 4
(一) 企业信用评级的基本概念 4
(二) 信用评级的主要评估标准 4
(三) 财务透明度在信用评级中的作用 5
四、财务透明度与企业信用评级的关系实证分析 5
(一) 数据来源与样本选择 5
(二) 实证模型构建与变量设定 6
(三) 实证结果分析与讨论 7
结 论 8
参考文献 9
