会计信息质量影响城投债发行吗?

Does Accounting Information Quality Affect the Issuance of City Investment Bonds?

发债主体财务特征、宏观经济发展、地方经济实力都会显著影响信用评级和信用利差;会计信息质量越高,债项评级越高。但城投债市场有其特殊性,43号文等文件和相关政策削弱了会计信息对城投债评级的有用性,城投债的投资者更关注与城投债违约风险密切相关的地方经济发展、城投公司现金持有水平、债项和主体评级;会计信息质量与城投债信用利差无关。债项和主体评级越高,信用利差越低,体现了投资者对评级的关注,有其合理性。研究结果为我国城投债市场的特殊性提供了经验证据。

Based on data in city investment bonds market,this paper empirically finds that financial indicators,macroeconomic index and local economic strength significantly affect the bonds’ rating grades and credit spread.Higher quality of accounting information can bring higher bonds’ rating grades.However,information quality has no effect on the bonds’ rating grades after No.43 and other relevant policies released.Investors pay more attention to local economy,issuing firms’ cash,issuing firms’ and bonds’ credit rating,and the quality of accounting information has no effect on credit spread.These results provide empirical evidence on the particularity of city investment bonds market.