黄雨婷，现任首都经济贸易大学-国际经济管理学院助理教授，2018年获得新加坡国立大学房地产学博士学位，2014年获得中央财经大学投资学硕士学位，2012年获得中央财经大学投资学学士学位。

她的主要研究领域包括金融经济学、行为金融、房地产金融和中国资本市场。研究成果发表于Journal of Housing Economics, Journal of Real Estate Research, Journal of International Financial Markets, Institutions and Money等期刊，工作论文曾被ASSA-AREUEA, CICF等会议接收。

Using a comprehensive dataset of 7,626 enterprise bonds and corporate bonds issued between January 2009 and December 2019 in China, we find that 25.2% of bonds receive boosted credit ratings at issuance; among them, 96.6% used credit enhancement. This paper empirically studies whether and how the credit enhancement structure in bond contracts affects bond pricing. First, our main findings show that the usage of credit enhancement at issuance can effectively help lower financing costs. Second, we use the propensity score matching procedure and instrumental variable analysis to control for the potential endogeneity of the usage of credit enhancement. Third, we find that the magnitude of cost reduction is larger for riskier firms, and when credit enhancement is provided by more reliable guarantors, which support the risk-sharing mechanism. The information production mechanism is also discussed and excluded. Last, we show that bond investors unsurprisingly discount bonds with boosted credit ratings.

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