环境不确定性、信息披露质量与公司债券信用利差
|
摘要
为探究环境不确定性对公司债券信用利差的影响及信息披露质量对两者关系的调节作用,以2014—2017年上市公司发行的债券为研究对象进行实证分析。研究发现,环境不确定性与债券信用利差存在显著正相关关系,而高质量的信息披露能够有效抑制环境不确定性与债券信用利差之间的正相关关系。该结果表明环境不确定性带来的经营风险和信息风险会提高债券融资成本,而高信息披露质量能够缓解信息不对称,进而降低环境不确定性导致的债券融资成本提高的恶劣后果。
In order to explore the influence of the environmental uncertainty on the corporate bond credit spread and the moderating effect of the quality of information disclosure on the relationship between them,this paper uses the data of corporate bonds issued by listed companies during the period 2014—2016. The study shows that there is a significant positive correlation between environmental uncertainty and bond credit spreads. Further research finds that high-quality information disclosure can suppress the positive correlation between environmental uncertainty and bond credit spreads. The results indicate that operating risk and information risk brought by environmental uncertainty increase the cost of bond,but the quality of information disclosure can mitigate information asymmetry and reduce the adverse consequences of raising the cost of bond brought by environmental uncertainty.
In order to explore the influence of the environmental uncertainty on the corporate bond credit spread and the moderating effect of the quality of information disclosure on the relationship between them,this paper uses the data of corporate bonds issued by listed companies during the period 2014—2016. The study shows that there is a significant positive correlation between environmental uncertainty and bond credit spreads. Further research finds that high-quality information disclosure can suppress the positive correlation between environmental uncertainty and bond credit spreads. The results indicate that operating risk and information risk brought by environmental uncertainty increase the cost of bond,but the quality of information disclosure can mitigate information asymmetry and reduce the adverse consequences of raising the cost of bond brought by environmental uncertainty.
引文
[1] KOBERG C S,UNGSON G R. The effects of environmental uncertainty and dependence on organizational structure and performance:a comparative study[J].Journal of Management Official Journal of the Southern Management Association,1987,13(4):725-737.
[2]牛建波,赵静.信息成本、环境不确定性与独立董事溢价[J].南开管理评论,2012,15(2):70-80.
[3]申慧慧,于鹏,吴联生.国有股权、环境不确定性与投资效率[J].经济研究,2012(7):113-126.
[4]周晓苏,王磊,陈沉.环境不确定性、财务报告透明度和股价暴跌风险[J].审计与经济研究,2016,31(6):57-66.
[5]申慧慧.环境不确定性对盈余管理的影响[J].审计研究,2010(1):89-96.
[6] GHOSH D,OLSEN L. Environmental uncertainty and managers'use of discretionary accruals[J]. Accounting Organizations&Society,2009,34(2):188-205.
[7] LENNOX C. Do companies successfully engage in opinion-shopping:evidence from the UK[J]. Journal of Accounting&Economics,2000,29(3):321-337.
[8]陈峻,王雄元,彭旋.环境不确定性、客户集中度与权益资本成本[J].会计研究,2015(11):76-82.
[9]夏立军,唐小楠.上市公司盈余管理与信息披露质量相关性研究[J].当代经济管理,2005,27(5):145-150.
[10]权小锋,吴世农. CEO权力强度、信息披露质量与公司业绩的波动性:基于深交所上市公司的实证研究[J].南开管理评论,2010,13(4):142-153.
[11]方红星,施继坤,张广宝.产权性质、信息质量与公司债定价:来自中国资本市场的经验证据[J].金融研究,2013(4):170-182.
[12]屈广玉,梁柱.信用评级、机构异质性与债券利差[J].经济经纬,2016(6):149-154.
[13]吴育辉,吴世农,魏志华.管理层能力、信息披露质量与企业信用评级[J].经济管理,2017(1):165-180.
[14]王雄元,高开娟.客户集中度与公司债二级市场信用利差[J].金融研究,2017(1):130-144.
[2]牛建波,赵静.信息成本、环境不确定性与独立董事溢价[J].南开管理评论,2012,15(2):70-80.
[3]申慧慧,于鹏,吴联生.国有股权、环境不确定性与投资效率[J].经济研究,2012(7):113-126.
[4]周晓苏,王磊,陈沉.环境不确定性、财务报告透明度和股价暴跌风险[J].审计与经济研究,2016,31(6):57-66.
[5]申慧慧.环境不确定性对盈余管理的影响[J].审计研究,2010(1):89-96.
[6] GHOSH D,OLSEN L. Environmental uncertainty and managers'use of discretionary accruals[J]. Accounting Organizations&Society,2009,34(2):188-205.
[7] LENNOX C. Do companies successfully engage in opinion-shopping:evidence from the UK[J]. Journal of Accounting&Economics,2000,29(3):321-337.
[8]陈峻,王雄元,彭旋.环境不确定性、客户集中度与权益资本成本[J].会计研究,2015(11):76-82.
[9]夏立军,唐小楠.上市公司盈余管理与信息披露质量相关性研究[J].当代经济管理,2005,27(5):145-150.
[10]权小锋,吴世农. CEO权力强度、信息披露质量与公司业绩的波动性:基于深交所上市公司的实证研究[J].南开管理评论,2010,13(4):142-153.
[11]方红星,施继坤,张广宝.产权性质、信息质量与公司债定价:来自中国资本市场的经验证据[J].金融研究,2013(4):170-182.
[12]屈广玉,梁柱.信用评级、机构异质性与债券利差[J].经济经纬,2016(6):149-154.
[13]吴育辉,吴世农,魏志华.管理层能力、信息披露质量与企业信用评级[J].经济管理,2017(1):165-180.
[14]王雄元,高开娟.客户集中度与公司债二级市场信用利差[J].金融研究,2017(1):130-144.