媒体报道与债券契约:来自中国的证据

IF 4.5 2区 管理学 Q1 BUSINESS
Lu Deng, Ping Jiang, Peigong Li, Wanwan Zhu
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引用次数: 0

摘要

现有的债券契约研究主要关注公司层面的因素,在很大程度上忽视了外部环境(包括媒体)的影响。此外,以往关于媒体报道的研究也没有考虑其对债券市场的影响。本研究以 2007 年至 2017 年的中国企业债券为样本,考察了媒体报道对债券契约的影响,试图填补这些空白。我们的研究结果表明,媒体报道与债券契约数量之间存在负相关关系。进一步的分析表明,这种负面影响对于非国有企业、竞争激烈的行业和法律环境薄弱的地区更为明显。此外,非负面基调的媒体报道也会导致债券契约数量的减少。值得注意的是,政府控制的媒体比市场导向的媒体对债券契约的影响更大。此外,媒体报道和债券契约都有助于降低债务成本,而且两者的影响是可以互换的。我们的分析对媒体报道和债券契约之间关系的内生性进行了修正,结果是稳健的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Media Coverage and Bond Covenants: Evidence from China

Existing studies on bond covenants have focused primarily on firm-level factors and have largely overlooked the influence of the external environment, including the media. Furthermore, previous research on media coverage has failed to consider its impact on the bond market. This study attempts to fill these gaps by examining the impact of media coverage on bond covenants for a sample of Chinese corporate bonds from 2007 to 2017. Our findings reveal a negative relationship between media coverage and the number of bond covenants. Further analysis demonstrates that this negative impact is more pronounced for non-state-owned firms, in highly competitive industries, and in regions with a weak legal environment. Additionally, media coverage with a non-negative tone leads to a reduction in the number of bond covenants. Notably, government-controlled media exerts a more significant influence than market-oriented media on bond covenants. Furthermore, both media coverage and bond covenants contribute to lower debt costs and are found to be interchangeable in their effects. Our analysis is robust to corrections for the endogeneity of the relationship between media coverage and bond covenants.

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来源期刊
CiteScore
10.00
自引率
12.50%
发文量
87
期刊介绍: The British Journal of Management provides a valuable outlet for research and scholarship on management-orientated themes and topics. It publishes articles of a multi-disciplinary and interdisciplinary nature as well as empirical research from within traditional disciplines and managerial functions. With contributions from around the globe, the journal includes articles across the full range of business and management disciplines. A subscription to British Journal of Management includes International Journal of Management Reviews, also published on behalf of the British Academy of Management.
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