贸易限制的间接影响

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2024-03-30 DOI:10.1016/j.jcorpfin.2024.102580

Shujing Wang , Hongjun Yan , Ninghua Zhong , Yizhou Tang

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引用次数: 0

摘要

股票市场交易限制通过限制投资者的交易直接影响价格和流动性，并通过改变信息环境间接影响价格和流动性。我们通过分析股市限制对公司债券收益率的影响来分离这种间接影响。利用中国股市交错减少交易限制这一准自然实验，我们记录了公司股票交易限制的放松会降低其公司债券利差。这种效应对透明度较低或信用评级较低的公司更为明显。我们的证据表明，这种效应很可能是由于股票价格信息性的提高。

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Indirect effects of trading restrictions

Stock market trading restrictions affect prices and liquidity directly through constraints on investors' transactions and indirectly by altering the information environment. We isolate this indirect effect by analyzing how stock market restrictions affect corporate bond yields. Exploiting the staggered reductions of trading restrictions in the Chinese stock market as a quasi-natural experiment, we document that the easing of trading restrictions on a firm's stock decreases its corporate bond spreads. This effect is stronger for firms with less transparency or lower credit ratings. Our evidence suggests that the effect is likely due to improved stock price informativeness.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.