资产质量对企业债券违约风险的影响研究  

Research on the Impact of Asset Quality on Corporate Bond Default Risk

作　　者：彭燕[1] 吕晓敏 王美淇 胡婧然 PENG Yan;LV Xiaomin;WANG Meiqi;HU Jingran(School of Economics and Management,Beijing University of Information Technology,Beijing 100192,China;Tiancun Sub-branch,Bank of Beijing,Beijing 100192,China)

机构地区：[1]北京信息科技大学经济管理学院,北京100192 [2]北京银行田村支行,北京101200

出　　处：《中国证券期货》2023年第1期35-41,共7页Securities & Futures of China

基　　金：北京市教委科研计划社科一般项目(SM202211232003);北京信息科技大学校内基金项目(2021XJJ37)。

摘　　要：近年来,债券市场上频发企业债券违约事件,企业债券违约风险已经成为监管者和投资者重点关注的内容。基于新会计准则资产负债观对企业资产质量影响的视角,以2014—2020年发行债券的上市公司为样本,考察企业资产质量对债券违约风险的影响。研究结果发现,企业资产质量与债券违约风险之间存在着显著的负向关系,提高资产质量是降低企业债券违约风险的有效途径。In recent years,corporate bond default events have occurred frequently in the bond market,and the risk of corporate bond default has become the focus of regulators and investors.Based on the new perspective of the impact of the asset-liability view of the new accounting standards on the quality of corporate assets,this paper takes listed companies that issued bonds in 2014-2020 as a sample to examine the impact of corporate asset quality on the risk of bond default.The results show that there is a significant negative relationship between the asset quality and the default risk of corporate bonds,and improving the asset quality is an effective way to reduce the default risk of corporate bonds.

关 键 词：资产质量 债券违约风险 资产负债观 

分 类 号：F83[经济管理—金融学]