在噪音中航行：媒体在减轻腐败对中国债券市场影响中的作用

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-07-01 DOI:10.1016/j.ribaf.2025.103075

Zuoping Xiao, Jingjing Zai, Qiaoling Su

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引用次数: 0

摘要

本研究考察了腐败对中国债券市场的影响，以及在存在缺陷的制度下媒体关注的作用。本文分析了2009-2022年中国上市公司的公司债券，探讨了腐败、媒体关注和债券契约之间的关系。结果表明，腐败程度越高，债券规模越小，信用利差越大，契约越严格。媒体关注缓解了腐败对债券规模和信用利差的负面影响，对腐败-契约关系呈现u型调节效应。研究结果通过工具变量（IV）、倾向得分匹配（PSM）、Heckman模型和三阶段最小二乘法（3SLS）等检验得到证实。检验表明，腐败通过影响信息不对称和代理冲突影响契约设计。异质性分析表明，在市场化程度高、投资者关注度高的市场中，媒体的影响更强。

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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Navigating through noise: Media's role in mitigating corruption's impact on bond markets in China

This study examines corruption's impact on China's bond market and the role of media attention amid flawed institutions. Analyzing corporate bonds from Chinese listed companies (2009–2022), it explores the relationships between corruption, media attention, and bond covenants. Results show that higher corruption correlates with smaller bond sizes, increased credit spreads, and stricter covenants. Media attention mitigates corruption's negative impacts on bond sizes and credit spreads, showing a U-shaped moderating effect on the corruption-covenant relationship. The findings are confirmed through tests including Instrumental Variables (IV), Propensity Score Matching (PSM), Heckman models, and Three-Stage Least Squares (3SLS). Tests indicate that corruption affects bond covenant design by influencing information asymmetry and agency conflicts. A heterogeneity analysis shows that media's effect is stronger in markets with greater marketization and investor focus.

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance