会计信息质量影响城投债发行吗?
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摘要
发债主体财务特征、宏观经济发展、地方经济实力都会显著影响信用评级和信用利差;会计信息质量越高,债项评级越高。但城投债市场有其特殊性,43号文等文件和相关政策削弱了会计信息对城投债评级的有用性,城投债的投资者更关注与城投债违约风险密切相关的地方经济发展、城投公司现金持有水平、债项和主体评级;会计信息质量与城投债信用利差无关。债项和主体评级越高,信用利差越低,体现了投资者对评级的关注,有其合理性。研究结果为我国城投债市场的特殊性提供了经验证据。
Based on data in city investment bonds market,this paper empirically finds that financial indicators,macroeconomic index and local economic strength significantly affect the bonds' rating grades and credit spread.Higher quality of accounting information can bring higher bonds' rating grades.However,information quality has no effect on the bonds' rating grades after No.43 and other relevant policies released.Investors pay more attention to local economy,issuing firms' cash,issuing firms' and bonds' credit rating,and the quality of accounting information has no effect on credit spread.These results provide empirical evidence on the particularity of city investment bonds market.
Based on data in city investment bonds market,this paper empirically finds that financial indicators,macroeconomic index and local economic strength significantly affect the bonds' rating grades and credit spread.Higher quality of accounting information can bring higher bonds' rating grades.However,information quality has no effect on the bonds' rating grades after No.43 and other relevant policies released.Investors pay more attention to local economy,issuing firms' cash,issuing firms' and bonds' credit rating,and the quality of accounting information has no effect on credit spread.These results provide empirical evidence on the particularity of city investment bonds market.
引文
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[16]周宏,等.信息不对称与企业债券信用风险估价---基于2008-2011年中国企业债券数据[J].会计研究,2012,(12):36-42.
[17]魏明海,赖婧,张皓.隐性担保、金融中介治理与公司债券市场信息效率[J].南开管理评论,2017,(1):30-42.
[18]王琳,杜云晗,刘婷婷.信息披露、公司规模与债券市场发展困境[J].财经理论与实践,2015,(9):50-55.
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[20]吴健,朱松.流动性预期、融资能力与信用评级[J].财政研究,2012,(7):72-75.
[2]Francis,J.,Lafond,R.,Olsson,P.M.,Schipper,K.Cost of Equity and Earnings Attribute[J].The Accounting Review,2004,79(4):967-1010.
[3]Hotchkiss,E.S.,Ronen,T.The Informational Efficiency of the Corporate Bond Market:An Intraday Analysis[J].The Review of Financial Studies,2002,15(5):1325-1354.
[4]朱松.债券市场参与者关注会计信息质量吗?[J].南开管理评论,2013,(3):16-25.
[5]王博森,施丹.市场特征下会计信息对债券定价的作用研究[J].会计研究,2014,(4):19-26.
[6]施丹,姜国华.会计信息在公司债信用等级迁移中的预测作用研究[J].会计研究,2013,(3):43-40.
[7]方红星,施继坤,张广宝.产权性质、信息质量与公司债定价---来自中国资本市场的经验证据[J].金融研究,2013,(4):170-182.
[8]刘娥平,施燕平.盈余管理、公司债券融资成本与首次信用评级[J].管理科学,2014,(9):91-103.
[9]Elton,E.J.,Gruber,M.J.,Agrawal,D.,Mann,C.Explaining the Rate Spread on Corporate Bonds[J].The Journal of Finance,2001,56(1):247-277.
[10]何平,金梦.信用评级在中国债券市场的影响力[J].金融研究,2010,(4):15-21.
[11]钟辉勇,钟宁桦,朱小能.城投债的担保可信吗?[J].金融研究,2016,(4):66-82.
[12]Ball,R.,Brown,P.An Empirical Evaluation of Accounting Income Numbers[J].Journal of Accounting Research,1968,6(2):159-178.
[13]Sloan,R.G.Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?[J].The Accounting Review,1996,71(3):289-315.
[14]Datta,S.,Dhillon,U.S.Bond and Stock Market Response to Unexpected Earnings Announcements[J].The Journal of Financial and Quantitative Analysis,1993,28(4):565-577.
[15]Edwards,A.,Harris,L.,Piwowar,M.Corporate Bond Market Transparency and Transaction Costs[J].Journal of Finance,2007,62(3):1421-1451.
[16]周宏,等.信息不对称与企业债券信用风险估价---基于2008-2011年中国企业债券数据[J].会计研究,2012,(12):36-42.
[17]魏明海,赖婧,张皓.隐性担保、金融中介治理与公司债券市场信息效率[J].南开管理评论,2017,(1):30-42.
[18]王琳,杜云晗,刘婷婷.信息披露、公司规模与债券市场发展困境[J].财经理论与实践,2015,(9):50-55.
[19]Kothari,S.P.,Leone,A.J.,Wasley,C.E.Perfermance Marched Discretionary Accrual Measures[J].Joumal of Accounting and Economics,2005,39(1):163-197.
[20]吴健,朱松.流动性预期、融资能力与信用评级[J].财政研究,2012,(7):72-75.