自愿披露客户信息影响了债券违约风险吗?  

Does Voluntary Disclosure of Customer Information Affect Bond Default Risk?

作　　者：王生年[1] 董今威 WANG Shengnian;DONG Jinwei(School of Economics and Management,Shihezi University,Shihezi 832000,China)

机构地区：[1]石河子大学经济与管理学院,新疆石河子832000

出　　处：《南京审计大学学报》2024年第1期67-75,共9页Journal of Nanjing Audit University

基　　金：国家自然科学基金项目(72262028)。

摘　　要：以2010—2021年沪深A股上市公司发行的公司债为样本,实证检验了自愿披露客户信息对债券违约风险的影响。研究发现,自愿披露客户信息产生的额外风险加剧了债券违约风险,这种影响在高专有成本和高融资约束的企业中表现更为显著,但企业发行的绿色债券并未受到影响。机制检验表明,经营风险增加和机构投资者持股降低是自愿披露客户信息影响债券违约风险的重要途径。研究表明,企业需要慎重考虑披露客户信息带来的风险,审慎制定信息披露策略。Taking the corporate bonds issued by A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2010 to 2021 as samples,this study empirically examines the impact of disclosing customer information on bond default risk.The results show that voluntary disclosure of customer information exacerbates the bond default risk,with a more significant effect observed in companies with high proprietary costs and high financing constraints.However,the issuance of green bonds by companies remains unaffected.Mechanism tests indicate that increased operational risk and lower institutional investor ownership are important pathways through which voluntary disclosure of customer information affects bond default risk.The research suggests that companies need to carefully consider the risks associated with disclosing customer information and formulate information disclosure strategies prudently.

关 键 词：客户信息披露 债券违约风险 风险效应 专有成本 融资约束 机构投资者持股 绿色债券 

分 类 号：F272.3[经济管理—企业管理] F832.5[经济管理—国民经济]