Abstract: Using the annual data of Shanghai-listed and Shenzhen-listed companies which issue bond during the period of 2007-2016, this paper empirically tests the relationship between the accounting information comparability and the credit spread of bond. Empirical results show that the higher the accounting information comparability, the lower the credit spread of bond. After controlling endogenous problems, the conclusion is still valid. Furthermore, good legal environment weakens the impact of the accounting information comparability on the credit spread of bond. The influencing mechanism test shows that the accounting information comparability reduces the credit spread of bond by reducing the information asymmetry and two types of agency costs. This paper enriches the relevant literature on both the accounting information comparability and the credit spread of bond and has certain reference significance for bond issuing enterprises, bond investors and regulators.

Key words: Accounting Information Comparability, Credit Spread of Bond, Legal Environment

摘要： 本文利用我国沪深两市发行公司债的上市公司2007~2016年的数据,实证检验会计信息可比性与债券信用利差的关系。研究发现,会计信息可比性越高,企业债券信用利差越低,在控制内生性问题后,该结论依然稳健;进一步,良好的法制环境减弱了会计信息可比性对债券信用利差的影响。会计信息可比性通过缓解信息不对称和两类代理成本来降低企业的债券信用利差。本文研究丰富了会计信息可比性和债券信用利差的相关文献,对发债企业、债券投资者和监管部门具有一定的参考意义。

关键词: 会计信息可比性, 债券信用利差, 法制环境