投资者保护条款对债券发行价格的影响研究  

The Study on the Influence of Investor Protection Provisions on the Issuance Price of Bonds

作　　者：徐光[1] 王宇光 

机构地区：[1]中国银行间市场交易商协会,市场创新部

出　　处：《投资研究》2018年第4期93-106,共14页Review of Investment Studies

摘　　要：本文以银行间市场债券为研究对象,考察了投资者保护条款对债券发行价格的影响,研究发现:(1)投资者保护条款能显著降低高收益债券发行价格,但对其他债券的影响并不显著;(2)相比于民营企业,投资者保护条款降低国有企业债券发行价格的作用更为显著;(3)城建企业添加投资者保护条款有助于降低债券发行价格。本文揭示了投资者保护条款具有信号传递和投资者保护的双重作用,从而为科学添加和运用投资者保护条款提供了有益的决策参考。This paper examines the influence of investor protection provisions on the issuance price of bonds in the interbartk market. The paper finds that： （1） The investor protection provisions can significantly reduce the issue price of high-yield bonds, but the influence on other bonds is not significant; （2） Compared with private enterprises, the effect of the investor protection provisions on reducing the issue price is more significant in the state-owned corporate enterprises. （3） The addition of investor protection provisions to urban construction enterprises will help reduce the issue price of bonds. This article reveals the dual role of investor protection provisions in signal transmission and investor protection, which provides a useful reference for the scientific addition and application of investor protection provisions.

关 键 词：投保条款 发行价格 投资者保护 信号传递 

分 类 号：F832.51[经济管理—金融学]