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债权人信息需求与高质量信息供给——基于债券市场“刚性兑付”打破的经验证据 被引量:16

Creditor’s Information Demand and High Quality of Information Supply——Empirical Evidence of Breaking “Rigid Payment” in Bond Market
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摘要 会计信息质量是供需双方博弈的结果,而债权人对信息供给的影响,往往掺杂特定债务人个体风险。本文利用债券"刚性兑付"打破导致的债券投资者风险意识变化的特殊场景,检验了债权人信息需求与信息供给的关系。研究发现,"刚性兑付"打破,债券投资者信息需求显著提升后,(1)发行人会计信息质量显著提高,表现为盈余操纵(特别是正向盈余操纵)减少;(2)供给高质量会计信息的发行人,可获取更多债券融资。进一步地,会计信息质量在债券融资依赖度高、违约风险高的发行人中提升更为显著。以上结果表明,信息需求提升后,供给方会迎合需求,提供高质量信息,并从中获益。本文从信息使用者需求视角,对会计信息质量决定因素研究做有益补充,为构建投资者需求导向的信息披露机制,提供了理论支持。 Essentially accounting information quality is the result of the game between the supply side and the demand side, while the influence of the creditor on the information supply is often mixed with the individual risk of the specific debtor.Under the setting of the variation of bond investors’ risk awareness caused by the violation of"Rigid Payment"of bonds, this paper initially examines the relationship between the demand from the users and the supply of information.After the information demand from bond investors is significantly increased, which is resulted from the violation of"Rigid Payment",a serial of economic consequences ensue.Firstly, the accounting information quality of issuers is significantly improved, which is reflected in the prominent reduction of earnings manipulation, especially positive earnings management.Secondly, the positive relation between the high-quality accounting information and the amount of bonds becomes more pronounced which is mainly reflected in the issuers who are more depended on bond financing methods or in higher default risk.In conclusion, since the rigid payment of bonds was broken, investors require higher-quality accounting information and the issuers will cater to this demand and provide high-quality information.This paper enriches the researches on the determinants of accounting information quality from the perspective of the information demand side, and also provides the theoretical support for the construction of information disclosure mechanism based on investors demand.
作者 陶然 刘峰 Tao Ran;Liu Feng
出处 《会计研究》 CSSCI 北大核心 2021年第2期47-60,共14页 Accounting Research
基金 国家自然科学基金项目(71790602,71672159) 教育部人文社会科学重点研究基地项目(16JJD790034,13JJD790028)的支持。
关键词 债券“刚性兑付”打破 信息需求 信息供给 信息质量 盈余管理 The Violation of Rigid Payment of Bonds Information Demand Information Supply Information Quality Earnings Management
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