기업 재무정보와 신용평가기관의 신용등급 간 관계 분석(An Analysis of the Relationship between Corporate Financial Information and the Credit Ratings of Credit Rating Agencies)

This study analyzes how financial indicators influence credit ratings by utilizing corporate data from domestic credit rating agency. Among 24 financial indicators, significant indicators and their relative impacts were estimated using the System Generalized Method of Moments. The indicators were categorized into five credit rating evaluation factors: profitability, stability, liquidity, activity, and growth. It was found that at least one indicator from each of the five factors significantly influenced credit ratings. The key indicators include the cash asset ratio (liquidity), the equity ratio (stability), the total asset turnover (activity), the equity growth rate (growth), and the interest coverage ratio (profitability). Sensitivity to credit ratings was particularly high for the liquidity and stability indicators, indicating differences in the relative impact of each indicator. These findings suggest that the selected indicators are well-distributed across the factors, and the varying influence of the selected variables can provide valuable insights for informing companies on which indicators to focus on when managing their credit ratings. Additionally, it can verify the appropriateness of the weighting of evaluation factors used by credit rating agency.