证券市场导报Issue(1)：53-63,11.
法治建设与债券信用利差
摘要
Abstract
Strengthening investor protection is the legislative core of the new Securities Law.This study takes the approval of the new Securities Law as the quasi-natural experiment and constructs a difference-in-difference model to examine the impact of the rule of law building on bond credit spreads.The results find that the approval of the new Securities Law can significantly reduce the credit spreads of corporate bonds.Further analysis reveals that enhancing bond liquidity and reducing default risk are the primary mechanisms at work.The heterogeneity analysis suggests that,from the perspective of bond characteristics,when the bond financing dependence is high,the bond covenants are few,and underwriters have a poor reputation,the rule of law building is more effective in reducing corporate bond credit spreads.From the company level,such an effect is more significant in companies with low investor willingness to trade,weak investor protection,poor information disclosure quality,and a high risk of violations.This study has important implications for promoting the rule of law building in China,protecting the legitimate rights and interests of bond investors,and preventing and resolving bond default risks.关键词
投资者保护/证券法/法治建设/信用利差Key words
investor protection/Securities Law/rule of law building/credit spreads分类
管理科学引用本文复制引用
甄红线,李佳..法治建设与债券信用利差[J].证券市场导报,2024,(1):53-63,11.基金项目
国家社会科学基金重大项目"宏观经济稳增长与金融系统防风险动态平衡机制研究"(19ZDA094)、国家自然科学基金项目"系统性风险对技术创新的影响:基于风险分层和交叉传染的视角"(71971046)、国家自然科学基金面上项目"公司债券违约风险防范:基于公司债特殊条款和政府参与评级的视角"(72172029)、国家社会科学基金后期资助项目"精准扶贫、绿色治理与中国经济高质量发展研究"(21FJYB032) （19ZDA094）
