本文關(guān)鍵詞： 政治關(guān)聯(lián) 會(huì)計(jì)信息質(zhì)量 公司債券 融資成本 債券融資　出處：《中南財(cái)經(jīng)政法大學(xué)學(xué)報(bào)》2017年03期 　論文類(lèi)型：期刊論文

【摘要】：政治關(guān)聯(lián)作為一種非制度性因素,會(huì)影響市場(chǎng)在資源配置中所起的作用。公司債是一種市場(chǎng)化程度較高的直接融資方式,其融資成本受多種因素的影響。本文以2007年9月至2015年7月我國(guó)上市公司發(fā)行的公司債為研究對(duì)象,探究會(huì)計(jì)信息質(zhì)量和政治關(guān)聯(lián)對(duì)公司債融資成本的影響。結(jié)果表明:較高的會(huì)計(jì)信息質(zhì)量有利于降低公司債融資成本;公司所擁有的政治關(guān)聯(lián)可以削弱債券投資者對(duì)會(huì)計(jì)信息質(zhì)量的要求并降低債券融資成本,并且在市場(chǎng)化程度越低的地區(qū),政治關(guān)聯(lián)的削弱作用越明顯,即政治關(guān)聯(lián)在債券融資中具有隱性擔(dān)保的作用。因此,進(jìn)一步提高我國(guó)債券市場(chǎng)的市場(chǎng)化程度,加強(qiáng)市場(chǎng)信息披露機(jī)制建設(shè),對(duì)促進(jìn)我國(guó)債券市場(chǎng)的發(fā)展和降低企業(yè)融資成本具有積極意義。
[Abstract]:As a non-institutional factor, political association will affect the role of the market in the allocation of resources. Corporate debt is a kind of direct financing with a high degree of marketization. The financing cost is affected by many factors. This paper takes the corporate bonds issued by listed companies in China from September 2007 to July 2015 as the research object. This paper explores the influence of the quality of accounting information and political connection on the financing cost of corporate debt. The results show that higher quality of accounting information is beneficial to reduce the cost of corporate debt financing; The political connection owned by the company can weaken the requirement of the accounting information quality of the bond investors and reduce the bond financing cost, and the weakening effect of the political association is more obvious in the areas where the degree of marketization is lower. Therefore, the degree of marketization of China's bond market is further improved, and the construction of market information disclosure mechanism is strengthened. It has positive significance to promote the development of our country's bond market and reduce the enterprise's financing cost.
【作者單位】： 中南財(cái)經(jīng)政法大學(xué)金融學(xué)院;
【基金】：江漢大學(xué)武漢研究院開(kāi)放性課題“政治關(guān)聯(lián)與企業(yè)融資行為研究”(IWHS2016354) 中南財(cái)經(jīng)政法大學(xué)博士研究生科研創(chuàng)新項(xiàng)目“政治關(guān)聯(lián)喪失、會(huì)計(jì)信息質(zhì)量與公司債券融資成本”(2016BSjrx001)
【分類(lèi)號(hào)】：D0;F275;F832.51
【正文快照】： 一、引言在資本市場(chǎng)較發(fā)達(dá)的國(guó)家中,債券融資一直是企業(yè)主要的融資方式,這也和“優(yōu)序融資理論”相契合。由于我國(guó)資本市場(chǎng)起步較晚,市場(chǎng)化程度、信息披露機(jī)制還存在一定的提升空間,市場(chǎng)中的信息不對(duì)稱(chēng)程度較高,這限制了股權(quán)融資和債券融資在資本市場(chǎng)中的作用,也提高了市場(chǎng)中的，

本文編號(hào)：1446598