巢湖学院学报2025，Vol.27Issue(3)：51-60,10.DOI:10.12152/j.issn.1672-2868.2025.03.006
企业战略调整下的债券信用价差响应
Response of Bond Credit Spread under Corporate Strategic Adjustment
摘要
Abstract
Based on the data of corporate bonds issued by Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2023,this paper explores the impact of corporate strategic adjustments on bond credit spreads.The findings indicate that corporate strategic adjustments can lead to an increase in bond credit spreads by reducing information transparency and exacerbating information asymmetry in the market.The study on moderating effects shows that effective internal control systems,high-quality audit reports,and reputable underwriters can improve the quality of information disclosure,thereby alleviating the negative impact of strategic adjustments on bond credit spreads.Further analysis reveals that the effect of corporate strategic adjustments in in-creasing bond credit spreads is more significant in growth-stage enterprises and those adopting aggressive strategies.Additionally,based on the research findings,this paper proposes specific policy recommendations from the perspec-tives of both the government and enterprises.关键词
战略调整/信用价差/信息不对称/信息透明度Key words
strategic adjustments/credit spread/information asymmetry/information transparency分类
管理科学引用本文复制引用
张春强,张骞,郝大宇..企业战略调整下的债券信用价差响应[J].巢湖学院学报,2025,27(3):51-60,10.基金项目
安徽省哲学社会科学规划重点项目(项目编号:AHSKD2023D014) （项目编号:AHSKD2023D014）
安徽财经大学校级科研重点项目(项目编号:ACKYB24012) （项目编号:ACKYB24012）
