2002 Fiscal Year Final Research Report Summary
A Study on the Credit Rating by Japanese and the US Credit Rating Agencies : related with the Changing Accounting Standards
| Project/Area Number |
13630162
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Accounting
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| Research Institution | Yokohama National University |
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Principal Investigator |
OKADA Ellie Yokohama National University, International Graduate School of Social Science, Professor, 大学院・国際社会科学研究科, 教授 (70203982)
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| Co-Investigator(Kenkyū-buntansha) |
HIRAI Naoki Nomura Financial Institute, Research Department of Management, Financial Strategy Section, Senior Researcher, 経営調査部財務戦略調査課, 主任研究員
SHIRATA Yoshiko Nihon University, Faculty of Economics, Professor, 経済学部, 教授 (80289793)
OKATO Tsutomu Hannan University, Faculty of Information Management, Professor, 経営情報学部, 教授 (20330342)
SUGAWARA Satoshi Hiroshima Shudo University, Faculty of Commerce, Associate Professor, 商学部, 助教授 (40331839)
MIURA Kuniyoshi Bunkyo University, Faculty of Management, Professor, 経営学部, 教授 (90275933)
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| Project Period (FY) |
2001 – 2002
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| Keywords | bond rating / credit risk / Japanese and the US rating agencies / international harmonization of accounting standards / valuation / intellectual assets / non financial information |
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| Research Abstract |
The present research shows that, 1) it takes for granted that there are differences among credit ratings by Japanese and the US rating agencies, since ratings represent opinions by raging agencies on credit risk of bonds, 2) both the Japanese agencies and the US agencies already incorporated the accounting standards change to be promulgated in the near future, 3) the Japanese agencies incorporate non-financial information of Japanese companies into rating, though in the tacit manner, though 4) the timing of the change of ratings by Japanese agencies is slower than the US agencies, in this sense, Japanese agencies are followers in the market.
The head investigator is now working on the credit risk evaluation of software companies incorporating non financial information, such as technologies, and the formula is going to be used by governmental institution.
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