公司战略影响了债券发行定价吗?

Does Corporate Strategy Affect Bond Issue Pricing?

本文基于我国债券市场,利用2008—2016年我国非金融上市公司的数据,对公司战略与债券发行定价的关系进行了实证检验。研究发现,公司战略越激进,债券发行价差越大。这一结论在排除内生性问题后,依然成立。进一步在不同内外部环境下考察公司战略与债券发行价差的关系,研究发现,两者的关系在内部控制水平低和环境不确定性高的公司更显著。机制检验发现,公司战略通过经营风险和信息不对称对债券发行价差产生影响。本文的研究丰富了公司战略、债券发行定价等领域的文献,同时也为企业、债券投资者和监管者带来一定的启示。

Based on China's bond market,this paper uses the data of China's non-financial listed companies from 2008 to 2016 to empirically test the relationship between corporate strategy and bond issue pricing.The study finds that the more aggressive the corporate strategy,the higher the bond issue spread.This conclusion remains valid after endogenous problem is excluded.Further,the relationship between corporate strategy and bond issue spread is investigated in different internal and external environment.The results show that the relationship between the two is more significant in companies with low internal control and high environment uncertainty.The mechanism test finds that corporate strategy has an impact on bond issue spread through operational risk and information asymmetry.The study enriches the literature on corporate strategy and bond issue pricing,and also brings some enlightenments to enterprises,bond investors and regulators.