社保基金持股与公司债券发行定价

Social Security Fund Shareholding and Corporate Bond Issuance Pricing

打破刚性兑付信仰、降低债券违约风险对于促进债券市场高质量发展具有深远意义。本文基于公司内外部治理视角,考察社保基金持股对公司债券发行定价的影响及内在作用机理。研究发现,社保基金持股比例与公司债券发行定价呈负相关关系,进一步研究表明,当公司管理层权力较大、投资者保护质量较低、公司声誉较差或市场化程度较低时,社保基金持股对债券发行定价的影响更强。影响路径检验发现,内部控制质量是社保基金持股降低债券发行定价的重要影响渠道。本文拓展了社保基金持股的经济效应研究,补充了公司债券发行定价影响因素,为有效发挥社保基金治理作用、降低公司债券违约风险提供经验与启示,以期更好地维护保护投资者环境,服务债券市场平稳发展。

Reducing bond default risk and promoting high-quality development of the bond market are critical objectives in China's financial system.This study examines the impact of social security fund ownership on corporate bond issuance pricing and its underlying mechanisms from the perspectives of internal and external corporate governance.Our findings show that social security fund ownership is negatively correlated with the pricing of corporate bond issuance.Furthermore,we find that this impact is stronger when the company's management has greater power,investor protection is weak,marketization is low,or the company has a poor reputation.Through impact path analysis,we identify the quality of internal control as a crucial channel through which social security fund ownership reduces bond issuance pricing.Our research expands the understanding of the economic consequences of social security fund holdings,provides insights into the factors that affect the pricing of corporate bond issuance,and offers recommendations for reducing default risk,protecting investors,and promoting the smooth development of the bond market.The study provides useful guidance for policymakers and practitioners in China's financial sector.