企业风险承担与债券契约的相机抉择

Research on enterprise risk taking and discretionary choice of bond contract

以高风险承担企业如何影响债券契约条款的相机抉择为研究目标,选取2007-2017年发行公司债、中期票据、短期融资券和企业债的上市公司作为研究样本,以风险承担为自变量,债券契约和公司价值分别为因变量,构建一元线性回归方程;利用stata软件,得到方程中自变量的系数和常数项,从而验证假设中自变量和因变量之间的相关关系。研究发现,当高风险承担企业选择较高的发行规模、较高的发行利率,并且发行短期债券时,可以降低企业违约风险,提升公司价值。

Based on how high-risk undertaking enterprises affect the discretionary choice of the terms of bond contracts,the paper selects the listed companies that issued corporate bonds,medium-term notes,short-term financing bonds and corporate bonds from 2007 to 2017 as research samples,taking risk-taking as the independent variable,and the bond contract and company value as the dependent variables,respectively.The one-size-a-side linear regression equation is constructed,and the coefficient and constant terms of the arguments in the equation are obtained by using the stata software,so as to verify the correlation between the independent and the dependent variables in the hypothesis.It is found that when high-risk undertaking enterprises choose a higher issuance scale and interest rate,and issue short-term bonds,the risk of default can be reduced and the value of the company can be raised.