Exploring the mechanism of regional ecological legal governance's impact on corporate bond credit spreads

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-10-22 DOI:10.1016/j.frl.2024.106338

Zheyu Dai , Jian Liu

引用次数: 0

Abstract

This study selects corporate bonds publicly issued in China's exchange market from 2012 to 2022 as the core analysis objects, aiming to deeply dissect the mechanism of how the regional ecological legal system affects corporate bond credit spreads. The research findings indicate that the establishment of intermediate environmental courts has effectively reduced investors' risk premiums for enterprises. Meanwhile, in the context of the establishment of these courts, environmental regulations have become a key factor in lowering corporate risk premiums, exerting a significant mediating effect.

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区域生态法律治理对企业债券信用利差的影响机制探究

本研究选取 2012 年至 2022 年我国交易所市场公开发行的企业债券作为核心分析对象，旨在深入剖析区域生态法律制度对企业债券信用利差的影响机理。研究结果表明，中级环保法院的设立有效降低了投资者对企业的风险溢价。同时，在这些法院建立的背景下，环境法规成为降低企业风险溢价的关键因素，发挥了显著的中介效应。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance