公司债券限制性契约条款影响因素与经济后果文献评述

A Review on the Infl uencing Factors and Economic Consequences of Corporate Bonds Restrictive Covenants

基于国家加快债券市场改革,推进利率市场化的背景,如何减少债券违约,引导市场合理定价已成为当前实务界和学术界共同关注的话题。限制性契约条款作为企业重要的内在约束机制和公司债券重要的内部增信方式,在约束企业行为、预警债券信用风险和降低债券违约等方面发挥着重要的作用。本文首先在既有文献的基础上,对限制性契约条款的衡量方法进行了总结;其次对限制性契约条款的影响因素进行了讨论;同时还对限制性契约条款的经济后果进行了梳理,包括企业融资成本、投资效率等方面;最后对既有研究的脉络进行了总结,并提出了未来研究展望。

Based on the background of accelerating the reform of bond market, breaking the rigid payment and advancing the interest rate liberalization, how to reduce the probability of corporate bond defaults and guide to reasonably price corporate bonds has become the focus in both theory and practice. The restrictive covenants as an important binding mechanism for corporations and a vital credit enhancing mechanism for corporate bonds, play an important role in restraining corporate behaviors, warning bond＇s credit risk as well as reducing bond＇s default probability. This paper summarizes the measurement methods and influencing factors of restrictive covenants. Meanwhile, it analyzes the economic consequences of restrictive covenants. Finally, we also analyze the relevant literature and point out some possible directions for future research.