摘要
公司债券已成为企业重要的新兴融资渠道,其信用风险是资本市场健康发展亟待解决的关键问题。本文以2012-2016年沪深两市发行公司债券的上市公司为研究对象,从成本管理决策视角考察了费用粘性对公司债券信用风险的影响。研究表明,费用粘性与公司债券信用风险之间存在U型关系,且这种关系在不同的外部制度环境下存在显著差异,具体表现为,低市场化水平下U型关系具有更低的拐点,随着外部制度环境的改善,费用粘性对债券信用风险的影响将会随之减弱。以上结论为费用粘性的经济后果和公司债券信用风险影响因素的研究提供了新的视角。
Corporate bond has become an important new financing channel for enterprises, and its credit risk is the key problem to be solved urgently for the healthy development of capital market. Using a sample of listed firms which issued corporate bonds during 2012-2016 in Shanghai and Shenzhen stock markets, this paper test the influence of cost stickiness on the credit risk of corporate bond from the perspective of cost management decisions. This study finds that there is an U-shaped relationship between cost stickiness and corporate bonds credit risk,and the relationship between differentexternal institutional environmentshave significant differences. Specifically, there exists lower inflection point with lower marketization degree, and with the improvement of external institutional environmentcost stickiness will have little influence on corporate bonds credit risk. The above conclusionsprovide a new angle to study the economic consequences of cost stickiness and the factors of corporate bonds credit risk.
出处
《价格理论与实践》
CSSCI
北大核心
2017年第9期92-95,共4页
Price:Theory & Practice
基金
国家自然科学基金面上项目"空间距离
同业模仿与环境信息披露机会主义行为:动因
实现路径与经济后果"(项目批准号:71572189)
关键词
费用粘性
公司债券
信用风险
外部制度环境
市场化水平
Cost Stickiness
Corporate Bond
Credit Risk
External Institutional Environment
Marketization Level
