摘要
本文选取2011-2020年期间发生内部人减持事件的上市公司债券作为样本,研究了内部人减持对公司债券信用利差的影响。本文的研究结果表明:(1)内部人减持会引发公司债信用利差上升,这不仅是因为内部人减持传递了外部未知的负面信息,还在于内部人减持确实预示着公司未来业绩的下滑;(2)债券投资者能够识别内部人的机会主义减持动机,机会主义减持会造成公司债信用利差的显著上升;(3)股权集中度的上升和股权制衡水平的下降会强化内部人减持与信用利差之间的正向关系;(4)内部人减持发生在民营企业和科技企业时会导致信用利差显著上升,但发生在国有企业和非科技企业时则对公司债信用利差没有显著影响。
This paper selects bonds of listed companies that experienced insider sales between 2011 and 2020 as samples,studying the impact of insider sales on the credit spreads of corporate bonds.The results of this study indicate:(1)Insider sales lead to an increase in corporate bond credit spreads,which is not only because insider sales convey negative information unknown to outsiders,but also because insider sales truly indicate a forthcoming decline in the company’s future performance;(2)Bond investors are able to identify opportunistic motives behind insider sales,and such sales lead to a significant increase in corporate bond credit spreads;(3)An increase in equity concentration and a decrease in the level of equity checks and balances can strengthen the positive relationship between insider sales and credit spreads;(4)Insider sales in private and technology companies lead to a significant increase in credit spreads,while insider sales in state-owned enterprises and non-technology companies do not have a significant impact.
出处
《会计研究》
CSSCI
北大核心
2023年第10期75-87,共13页
Accounting Research
基金
到国家社科基金重大项目(21ZDA044)的资助
关键词
内部人减持
公司债
信用利差
信息不对称
Insider Sales
Corporate Bonds
Credit Spreads
Information Asymmetry
