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企业社会责任表现对债券契约的影响

发表时间:2017-07-31  浏览量:50  下载量:6
全部作者: 黄珺,胡卫
作者单位: 湖南大学工商管理学院
摘 要: 以2011年至2015年A股上市公司发行的公司债券为样本,采用最小二乘法(ordinary least square,OLS)研究企业社会责任表现对债券契约的影响,并检验债券违约对两者关系的影响。研究结果显示,社会责任表现越好,发行的债券期限越长,规模越大,受担保的可能性越低。且相比于债券违约前,违约后社会责任表现与债券期限的正向关系更显著、与债券受担保的可能性的负向关系更显著。本研究结果支持企业社会责任表现在公司债市场中的有用性;同时,通过引入债券违约这一变量,为深入研究社会责任表现与债券契约的关系提供了新的视角。
关 键 词: 财务管理;企业社会责任表现;债券契约;债券违约
Title: Effect of corporate social responsibility performance on bond contracts
Author: HUANG Jun, HU Wei
Organization: Business Administration School, Hunan University
Abstract: This paper uses ordinary least square (OLS) to study the effect of corporate social responsibility performance on bond contracts and tests the effect of bond default on the relationship between the two, based on the corporate bonds issued by A-share listed companies from 2011 to 2015. The results show that the social responsibility performance is better, the bond maturity is longer, the bond scale is larger, and the possibility of security is lower. Moreover, the positive relationship between the social responsibility performance and bond maturity is more significant after bond default, and the negative relationship between social responsibility performance and the possibility of security is more pronounced. The results of this paper support the usefulness of corporate social responsibility performance in the corporate bond market. At the same time, this paper provides a new perspective for studying the relationship between corporate social responsibility performance and bond convenant by introducing bond default which is a variable.
Key words: financial management; corporate social responsibility performance; bond convenant; bond default
发表期数: 2017年7月第14期
引用格式: 黄珺,胡卫. 企业社会责任表现对债券契约的影响[J]. 中国科技论文在线精品论文,2017,10(14):1663-1671.
 
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