经济学报2025，Vol.12Issue(3)：86-103,18.
金融周期与债券契约限制性条款
Financial Cycle and the Design of Restrictive Covenant Clauses in Bond Contracts
摘要
Abstract
Based on corporate bond data issued by A-share listed companies in China,this article studies the impact of financial cycles on the design of restrictive covenant clauses in bond contracts.The study found that when the financial cycle is in a boom period,the number of restrictive covenant clauses in bond contracts is significantly reduced;when the financial cycle is in a recession period,the number of restrictive covenant clauses in bond contracts is significantly increased.Channel analysis shows that when the financial cycle is in a boom period,the financing constraints faced by companies are reduced,effectively reducing the use of restrictive clauses in corporate bonds;when the financial cycle is in a recession period,the financing constraints faced by companies are significantly increased,thus increasing the use of restrictive clauses in corporate bonds.Further heterogeneity analysis shows that the impact of financial cycles on the number of restrictive covenant clauses in bond contracts is more pronounced in non-state-owned,low-transparency and low-marketization companies.关键词
金融周期/债券契约限制性条款/融资约束/债权人利益保护分类
社会科学引用本文复制引用
封超,张雪莹,刘海明,马世群..金融周期与债券契约限制性条款[J].经济学报,2025,12(3):86-103,18.基金项目
本研究受国家自然科学基金项目"内生互动视角下的银企关系研究"(71702089) （71702089）
教育部人文社科规划项目"管理层股权激励对债券持有人利益的影响研究"(24YJA790094)的资助. （24YJA790094）
