市场特征下会计信息对债券定价的作用研究  

Effect of Accounting Information in the Study of Bond Pricing under Market Characteristics

作　　者：王博森[1] 施丹[2] 

机构地区：[1]北京大学光华管理学院,100871 [2]中国工商银行总行,100140

出　　处：《会计研究》2014年第4期19-26,95,共8页Accounting Research

摘　　要：本文区分债券发债主体、交易市场等方面差异考察了会计信息在债券定价中的作用,验证了债券市场会计信息的有用性。本文的研究结果表明:会计信息在公司债券一级市场和二级市场中都有用,且非城投债发债主体的会计信息有用性强于城投债,银行间市场债券发债主体的会计信息有用性强于交易所市场。本文的研究结果支持了会计信息在公司债定价中的有用性,扩展了会计信息有用性的研究范围,也为城投债与非城投债、银行间市场与交易所市场的差异性研究提供了新的证据。This paper examines the bond issuance entity,the trading market and the degree of financial market development and investigates the role of accounting information in bond pricing. The research results demonstrate that accounting information is useful in the primary and secondary market of corporate bond markets. In addition,( 1) the accounting information of an entity that issues non- urban investment bonds is more useful than that of an entity that issues urban investment bonds,( 2) the accounting information of the bond- issuing entity in the interbank market is more useful than in the exchange market.These results support the usefulness of accounting information in corporate bond pricing,expand the research on the usefulness of accounting information,and provide new evidence regarding the research difference between urban and non- urban investment bonds and between the interbank and the exchange markets.

关 键 词：会计信息有用性 公司债 城投债 债券市场 因子分析 

分 类 号：F233[经济管理—会计学] F832.51[经济管理—国民经济] F224