论文部分内容阅读
中国企业债券市场较小,严重的信息不对称是一个重要原因。企业债券发行者与投资者之间的信息不对称,使投资者面临着较高的收集信息的费用,导致投资者承担更大的风险而要求更高的回报,从而推高发债企业的信用利差。本文对发债企业和投资者之间信息不对称程度与中国企业债券信用利差的关系进行实证研究。结果表明,发债企业和投资者之间的信息不对称程度与债券信用利差显著正相关。
Small and serious asymmetric information in China’s corporate bond market is an important reason. Asymmetric information between corporate bond issuers and investors exposes investors to higher information costs and leads investors to take greater risks and demand higher returns, pushing up the creditworthiness of debt issuers Spreads. This paper conducts an empirical research on the relationship between asymmetric information between issuing enterprises and investors and the credit spread of Chinese corporate bonds. The results show that the degree of information asymmetry between bond issuers and investors is significantly and positively correlated with bond credit spreads.