股价崩盘风险与公司债融资——基于中国A股上市公司的经验证据

Stock Price Crash Risk and Corporate Bonds Financing——Evidence from A-Share Listed Firms in China

本文选择2007~2016年首次公开发行公司债的上市公司为样本,试图考察股价崩盘风险对上市公司是否发行公司债、债券契约要素以及债券融资成本的影响。研究结果发现:(1)股价崩盘风险越高,上市公司越倾向于选择发行公司债;(2)选择发行公司债的上市公司股价崩盘风险越高,则公司债发行规模越小、期限越短;(3)随着股价崩盘风险的提高,上市公司通过发行公司债的融资成本也越高。进一步研究发现,由于股价崩盘风险的提高同时导致了权益资本成本更大幅度的上升,上市公司选择公司债融资仍然有助于降低其加权平均资本成本。本文的研究有助于理解中国股票和债券市场之间的联动关系,丰富了公司融资行为影响因素的实证研究。

With the rapid development of bond market, this paper tries to investigate whether stock price crash risk affects the firms＇ bond financing choice and bond contracts items and its cost. Using a sample of Chinese A share listed firms during 2007-2016, we find that： （ 1 ） the stock price crash risk is positively associated with the firms＇ tendency to issue corporate bonds; （ 2 ） the stock price crash risk is negatively associated with bond issue scale and its maturity; （ 3 ） higher stock price crash risk leads to higher bond financing cost. Further research finds that, firms still choose corporate bonds dues to a higher increase in equity cost. The research of this paper is helpful to understand the linkage between Chinese stock market and bond market, and enrich the empirical research on the influencing factors of corporate financing behavior.