비대칭적 원가행태가 기업어음 신용등급에 미치는 영향

This paper focuses on the effect of the asymmetric cost behavior (i.e., cost stickiness) on the properties of commercial paper credit ratings. Prior research show that cost stickiness has the negative relation with the accuracy of analysts by increasing the information asymmetry (Weiss 2010). However, there has not been prior research that investigates the relation between asymmetric cost behavior and credit ratings, even though credit rating agency is one of important information source in the capital market regarding firm valuation. Using the firm－quarter data from 2002 to 2014 listed in Korea Stock Exchange (KSE), we provide the following empirical results. First, firms with high asymmetric cost behavior are more likely to ask for credit evaluation when they issue short－term debt. Second, there is a positive relation between credit rating and the level of asymmetric cost behavior. Third, credit split is more likely to occur when there is a high level of asymmetric cost behavior. These empirical results imply that credit rating agencies prefer the conservative accounting aspect of asymmetric cost behavior. This study contributes to prior literature by improving our understanding the effect of asymmetric cost behavior on CP credit ratings which improves efficiency in allocating resources in capital market.