产品市场竞争与公司债券契约条款  

Product Market Competition and Corporate Bond Covenants

作　　者：夏卓秀 邓路[1] Zhuoxiu Xia;Lu Deng(School of Economics and Management,Beihang University)

机构地区：[1]北京航空航天大学经济管理学院

出　　处：《经济学报》2023年第2期28-61,共34页China Journal of Economics

基　　金：国家自然科学基金项目(71772011;72072007)研究资助。

摘　　要：近年来,公司债券契约条款的研究已经得到学术界越来越高的关注,但以往研究大多聚焦于欧美发达资本市场。针对中国政府将发展债券市场作为资本市场改革的重要战略这一趋势,本文以2007—2017年发行公司债券的中国A股上市公司为研究对象,通过文本识别和手工收集归纳债券契约条款数据,探究产品市场竞争如何影响公司债券契约条款设置。实证结果表明,公司所在行业产品市场竞争越激烈,其公开发行债券契约条款数越多。考虑到公司在产业链中地位不同其面临竞争压力差异较大,本文从公司市场势力和客户集中度两个角度进行异质性检验,结果表明,公司市场势力较弱、客户集中度较高时,产品市场竞争与债券契约条款之间的正向关系更为显著。进一步机制检验发现,产品市场竞争主要通过加剧公司经营风险和信息不对称程度影响公司债券条款约束。本文首次从产品市场竞争视角考察了外部竞争环境对公司债券契约条款的影响,扩展了公司债券契约条款领域的研究范畴,同时也为债券市场完善监管政策提供经验证据。Corporate bond covenants have aroused increasing attention in recent years,while most studies are focused on bond issuances in developed markets.Given that developing bond market is an important part of capital market reform in China,this paper aims to explore how product market competition affects bond contracts design using a sample of 506 Chinese listed firms which issued public corporate bond during 2007—2017.By identifying covenants in bond contracts based on textual analysis techniques,we find that higher intense of product market competition can lead to more bond covenants.Considering that firms in the same industry are faced with various level of competition,we find that the positive relationship between product market competition and bond covenants is more significant when firms have a weaker market power or a higher-concentrated customer relationship.Further evidences show that firm risk and information disclosure play a significant moderator role.Our study enriches researches on bond covenants,which is of certain significance to deeply understand agency problems between bondholders and shareholders,and provides theoretical reference for bond market supervision.

关 键 词：产品市场竞争 公司债券契约条款 经营风险 信息不对称 

分 类 号：F832.51[经济管理—金融学] F273.2