비정상투자가 신용등급에 미치는 영향

This study focuses on the effect abnormal investment has on credit rating and whether themagnitude of this effect varies depending on the financial analyst activities. Specifically,among abnormal investments, overinvestment that is directly related to the corporate resourceoutflow is expected to raise information risk which in result brings about negative effects onthe credit rating. Also the less the number of financial analysts following, the greater negativeeffects overinvestment has on credit rating. This is due to the fact that financial analysts playa role of information provider and monitoring body which reduces information risk inducedby overinvestment behavior. The results show that the larger the degree of abnormal investment in the previous year, thelower the credit rating is in the following year. Abnormal investments were categorized intoover- and underinvestment and the credit rating is again lower in the following year only incase of the overinvestment. This is interpreted as overinvestment that is directly related tocorporate resource outflow is perceived as a larger information risk in comparison withunderinvestment. Also the negative effects on the credit rating was larger for the case of lessfinancial analyst following which affirms the significance of financial analysts as aninformation provider. A number of additional analyses were led to test robustness and theresults were consistent. This study shows how information risk raised by abnormal investment is reflected in thedecision-makings of related parties such as credit rating agencies, bondholders, stakeholders,and other investors in the financial market. Also, this study differentiates itself from theprevious ones in that it focuses on the relationship between abnormal investment (especiallyoverinvestment) and credit rating in the light of information provider role of financialanalysts.