完善债券契约条款是作茧自缚吗?基于资本结构调整速度的视角  

Is Perfecting the Bond Covenant a Cocoon?Based on the Speed of Capital Structure Adjustment

作　　者：张雪莹[1] 吴多文 刘海明[1] 栗沛沛 ZHANG Xueying;WU Duowen;LIU Haiming;LI Peipei(School of Finance,Shandong University of Finance and Economics,Jinan 250002,China;School of Business,Southern University of Science and Technology,Shenzhen 518055,China)

机构地区：[1]山东财经大学金融学院,山东济南250002 [2]南方科技大学商学院,广东深圳518055

出　　处：《财经论丛》2024年第2期49-58,共10页Collected Essays on Finance and Economics

基　　金：国家社会科学规划项目(21BJY003);国家自然科学基金项目(71573155)。

摘　　要：基于手工搜索的中国上市公司债券契约条款信息,构建契约条款指数,研究了债券契约条款对资本结构调整速度的影响。结果发现:债券契约条款的增加有助于提高公司资本结构调整速度。分契约条款类型来看,期权条款类、限制资产转移类、限制投资类和事件驱动类的契约条款显著提高了资本结构调整速度。债券契约条款主要通过影响债务融资方式促进公司资本结构向上调整。异质性检验发现,在国有公司和法律环境较好的公司中,债券契约条款与资本结构调整速度的正相关关系更显著。良好的公司信息透明度和内部控制有助于强化债券契约条款对公司资本结构调整速度的正向作用,并且完备的债券契约条款有助于降低公司融资成本,提高资本结构调整速度。本文研究表明,完善债券契约条款产生的约束并非是债券发行人作茧自缚,而是有助于公司降低融资成本,实现更加灵活调整资本结构的目标。Based on the manually searched bond covenant information of Chinese listed companies,this paper constructs a bond covenant index to study the impact of bond covenants on the speed of capital structure adjustment.The results show that the increase of bond covenants helps to improve the speed of corporate capital structure adjustment.In terms of covenant types,options clauses,asset transfer restrictions,investment restrictions and event-driven covenants have a more positive impact on the speed of capital structure adjustment.After further distinguishing the direction and method of corporate capital structure adjustment,this paper finds that the bond covenant mainly promotes the upward adjustment of corporate capital structure by affecting debt financing.The heterogeneity test finds that the positive association between bond covenant terms and the speed of recapitalization is more significant in state-owned firms and firms with better legal environments.Furthermore,good corporate information transparency and internal control help strengthen the positive effect of bond covenants on the speed of corporate capital structure adjustment,and a more complete bond covenant helps reduce the cost of corporate financing to increase the speed of recapitalization.The results of this paper suggest that the constraints generated by the improvement of bond covenants are not a cocoon for bond issuers,but help enterprises to reduce financing costs so as to achieve the goal of adjusting their capital structure more flexibly.

关 键 词：债券契约条款 资本结构调整速度 信息透明度 内部控制 融资成本 

分 类 号：F273.1[经济管理—企业管理]