货币政策、信息环境与公司债利差  

Monetary Policy,Information Environment and Corporate Bond Spreads

作　　者：朱焱[1] 孙淑伟[2] 

机构地区：[1]东北财经大学金融学院,辽宁大连116025 [2]上海对外经贸大学会计学院,上海200335

出　　处：《证券市场导报》2016年第3期24-31,共8页Securities Market Herald

基　　金：浙江省自然科学基金青年项目(项目批准号:LQ15G020002)的阶段性成果

摘　　要：近些年来,我国公司债市场进入了一个快速发展期,成为上市公司再融资的新通道。融资成本是上市公司及债权人最关注的融资因素之一。本文运用我国上市公司的公司债利差数据检验了货币政策和会计信息环境对公司债务融资成本的影响。研究结果表明,宽松的货币政策能够降低公司债券的利差;会计信息质量可以提高发行人的信息透明度,降低公司债利差,即融资成本的降低。进一步,按照股权性质将发行人分为国有企业和民营企业,实证结果表明国有企业以政府信用作为背书,其发行的公司债券的利差对货币政策和会计信息质量并不敏感。The corporate bond market is entering a period of rapid development, and has become a new channel for listed companies to refinance. The cost of debt is one of the factors that listed companies and creditors are most concerned about. This paper examines the effect of monetary policies and accounting debt will increase significantly when the monetary policy tends information quality. Our results show that the cost of corporate to be tight; the higher the quality of accounting information, the smaller the corporate bond spreads. Further, we document that if the issuer is state-owned enterprise, then its risk of default is not easily influenced by monetary policies and information environment.

关 键 词：货币政策 会计信息质量 公司债利差 

分 类 号：F832.5[经济管理—金融学]