区域经营环境、会计盈余质量与公司债定价

Regional Operating Environment and Accounting Earnings Quality on Corporate Bond Pricing

以2007-2014年发行一般公司债券的上市公司为样本,以操控性应计利润作为会计盈余质量的代理变量,应用OLS的方法,从区域经营环境的视角,研究了会计盈余质量与公司债定价之间的关系。研究发现：企业的会计盈余质量越低,债券投资人与企业间的信息不对称程度就越大,投资人要求的风险补偿就越高,发债公司的信用利差就越大。相比于区域经营环境差的地区,在区域经营环境好的地区,较完善的法律制度和外部监管机制能够抑制企业的盈余管理行为,提高会计盈余质量,降低发债公司的信用利差,因此,区域经营环境可以显著降低会计盈余质量与信用利差之间的负向关系。研究结论不仅丰富了会计盈余质量和公司债定价领域的学术文献,而且为区域经营环境作用于公司的微观机制提供了经验证据。

Using listed companies issuing corporate bonds from 2007 to 2014 as study samples, this paper tested the effect of accounting earnings quality on corporate bond pricing from the perspective of regional operating environment in OLS. The result shows that the lower quality of the accounting earning is , the greater degree of information asymmetry between investors and enterprises is . Inves- tors require the higher risk of compensation and the higher credit spreads of the company. Compared with the regional operating environment in poor areas, a better legal system and external supervision mechanism can restrain the earnings management behavior of enterprises, and improve the quality of accounting earnings, and reduce the company＇s credit spread in the area of good operating environ- ment. Therefore, the regional operating environment can significantly reduce the correlation between accountmg earning qu literature in the field empirical evidence for ality and credit spread. The conclusi of accounting earnings quality and the regional operating environment on of this paper not only enriches the academic corporate bond pricing, but also provides acting on micro mechanism of company.