研发操纵、创新能力削弱与债券融资成本  

R&D Manipulation,Innovation Capability Eroding and the Cost of Bond Financing

作　　者：石晓军[1] 赵鹤森 SHI Xiao-jun;ZHAO He-sen

机构地区：[1]中国人民大学财政金融学院

出　　处：《中央财经大学学报》2023年第7期44-56,共13页Journal of Central University of Finance & Economics

基　　金：国家社会科学基金重点项目“构建金融有效支持实体经济着力点的体制机制研究”(项目编号:21AZD028);国家自然科学基金面上项目“中国债券信用评级偏倚”(项目编号:71673281)。

摘　　要：本文利用中国2010—2020年发行中长期信用债的上市公司数据,考察了真实盈余管理中研发操纵对债券融资成本的影响,填补了研发操纵的债券市场反应研究的空缺。证据表明,在中国债券市场上,公司研发操纵会显著提高债券融资成本,且这种影响具有持续性,也会拉低债券信用评级。机制检验的证据表明,研发操纵主要是通过弱化公司创新能力的渠道影响债券融资成本;市场关注渠道没有得到实证支持。Based on the data of listed companies issuing medium-and long-term credit bonds in China from 2010 to 2020,this paper investigates the impact of R&D manipulation on bond financing cost.We find there is a significant effect of R&D manipulation and the cost of bond financing,and the R&D manipulation will increase the cost of bond financing and bring down the credit rating of the bond.We also find that R&D manipulation affects the bond financing cost mainly through the channel of weakening the company s innovation ability.Nevertheless,market attention have no significant effect on the relationship between R&D manipulation and the bond financing cost.This paper fills the gap in the research on the bond market reaction of R&D manipulation in real earnings management.

关 键 词：研发操纵 真实盈余管理 信用债 信用利差 

分 类 号：F832.5[经济管理—金融学] F275.5