近年来，可转债逐步成为上市公司最常用的再融资工具之一。本文以可转债市场为研究对象，对影响我国可转债评级的因素及多主承销商与可转债发行规模的关系进行了实证研究。利用单因素分析，对多主承销商及单一主承销商承销的可转债的发行规模进行检验；利用Probit回归模型检验了发行公司与主承销商的控股股权背景、发行规模、发行时间、主承销商声誉、是否由多主承销商共同承销等因素对可转债评级的影响。研究结果表明：（1）由多主承销商共同承销的可转债发行规模显著大于单一主承销商承销可转债的发行规模；（2）可转债发行公司的国企背景对可转债评级结果有负面影响；（3）可转债评级与主承销商声誉负相关；（4）可转债发行规模、发行时间、主承销商控股股权背景及发行公司是否有央企背景、是否由多主承销商共同承销等因素均对可转债评级没有明显影响。 关键词：可转债 评级 承销商 控股股权 Abstract 　　In recent years, convertible bond has become one of the most commonly used refinancing tools for list companys. Using the convertible bond market as research object, this thesis pay attention on the factors that impacting on the credit rating of convertible bond. We use the Probit Model to analyse that whether the issurring scale, the issurring time, the reputation of the leader underwriter and some other factors can affect the credit rating of convertible bonds. 　　The result shows that the issurring scale of convertible bonds that issurred by more that one leader underwriters is obviously larger than that of only one leader underwriter. The background of State-owned enterprises would have negative influence on the credit rating. the following factors will exert obvious influence on the rating of convertible bond: scale, time, background of the lead underwriter and whether there are more than one underwriter participating in. 　　 Key words: The convertible bond Credit rating The underwriters The controlling equity