公司章程能影响债券融资吗

Do Company’s Charters Affect Bond Financing?

本文以2013—2018年发行公司债券的A股上市公司为样本,对反收购条款与公司债券融资之间的关系进行了探讨。研究发现:反收购条款的设置对公司债券发行成功率没有显著影响,但是却会通过影响信息不对称程度提高债券发行的成本,并且缩短债券发行的期限;这种作用机理在非国有企业以及竞争度较高的行业中更加显著。本文的研究不仅丰富了反收购条款经济后果方面的文献、扩展了对债券融资影响因素的研究,同时也为提升企业的筹资能力提供了启示、对上市公司的反收购行为提供了指导。

Taking A-share type listed companies issuing corporate bonds from 2013 to2018 as samples,this paper discusses the relationship between anti-takeover provisions and corporate bond financing.The study finds that the setting of anti-takeover clauses has no significant effect on the success rate of corporate bond issuance,but it will increase the cost of bond issuance and reduce the maturity of bond by affecting the degree of information asymmetry.This mechanism is more significant in non-state enterprises and industries with high competition.The study not only enriches the literature on the economic consequences of anti-takeover provisions,broadens the research on bond financing,but also provides enlightenment for improving the financing ability of enterprises and guidance for the anti-takeover behavior of listed companies.