环境不确定性、信息披露质量与公司债券信用利差  

Environmental Uncertainty,Quality of Information Disclosure and Corporate Bond Credit Spread

作　　者：徐小清 俞静[1] XU Xiaoqing;YU Jing(School of Business,Hohai University,Nanjing 211100,China)

机构地区：[1]河海大学商学院,江苏南京211100

出　　处：《武汉理工大学学报（信息与管理工程版）》2019年第1期103-108,共6页Journal of Wuhan University of Technology：Information & Management Engineering

基　　金：国家社会科学基金项目(16BGL211)

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.

关 键 词：环境不确定性 信息披露质量 公司债券 信用利差 

分 类 号：F275.5[经济管理—企业管理]