违反契约的后果：来自中国公司债券的证据

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Empirical Finance Pub Date : 2024-08-06 DOI:10.1016/j.jempfin.2024.101528

Guang Xu , Xiaoyan Zhang

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引用次数: 0

摘要

我们记录了违反契约（也称为技术性违约）后债券发行量急剧持续下降的情况。但是，我们没有发现任何证据表明企业的投资和业绩在技术性违约后会发生变化。此外，我们还发现大多数技术性违约都是由债券持有人通过债券持有人会议放弃的。虽然契约是债券发行人和投资者之间重新谈判的绊脚石，但在技术性违约之后，控制权很少从股东转移到债券投资者手中。

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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The aftermath of covenant violations: Evidence from China's corporate debt securities

We document a sharp and persistent decline in bond issuances following covenant violations also called technical defaults. However, we find no evidence that firms’ investment and performance change after technical defaults. Furthermore, we document that most of the technical defaults are waived off by bondholders through the debenture holders’ meetings. Although covenants serve as tripwires for renegotiation between bond issuers and investors, control rights are rarely transferred from shareholders to bond investors following technical defaults.

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来源期刊

Journal of Empirical Finance Multiple-

CiteScore

3.40

自引率

3.80%

发文量

期刊介绍： The Journal of Empirical Finance is a financial economics journal whose aim is to publish high quality articles in empirical finance. Empirical finance is interpreted broadly to include any type of empirical work in financial economics, financial econometrics, and also theoretical work with clear empirical implications, even when there is no empirical analysis. The Journal welcomes articles in all fields of finance, such as asset pricing, corporate finance, financial econometrics, banking, international finance, microstructure, behavioural finance, etc. The Editorial Team is willing to take risks on innovative research, controversial papers, and unusual approaches. We are also particularly interested in work produced by young scholars. The composition of the editorial board reflects such goals.