企业社会责任表现对债券契约的影响
首发时间:2017-03-29
摘要:本文以2011-2015年A股上市公司发行的公司债券为样本,采用OLS的方法研究了企业社会责任表现对债券契约的影响,并检验了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。并且,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。本文的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。
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The Effect of Corporate Social Responsibility Performance on Bond Convenant
Abstract:In this paper uses OLS to study the impact of corporate social responsibility performance on bond contracts and test the impact 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 and the bond scale is larger, the possibility of security is lower. Moreover, the positive relationship between the performance of social responsibility and bond maturity is more pronounced after bond default, and the negative relationship with the possibility of security is more significant. The results of this paper support the usefulness of corporate social responsibility performance in the corporate bond market, and provide the impetus for issuer to engage in social responsibility activities. At the same time, by introducing the variable of bond default, This paper provides a new perspective for studying the relationship between corporate social responsibility performance and bond convenant..
Keywords: Corporate Social Responsibility Performance Bond Convenant Bond Default
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No.4722641118898114****
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