Abstract:Taking the main body of bond issuance data of listed companies in 2011—2017 as a research sample, the study found that the higher the tax avoidance degree of enterprises, the lower the bond credit rating, which proves that China's credit rating agencies can perform their own supervision functions; this relationship is more significant under the background of local supervision and local credit rating agencies; and the nature of state-owned property rights slows down the performance of supervisory responsibility of credit rating agencies, and further strengthens the supervisory function of credit rating agencies through ex post default test, and also supports the role of bond pricing. In addition, the study enriches the current credit rating elements, warns bond issuing enterprises to pay attention to honesty and public responsibility, and also implies the necessity of information sharing among social subjects.