The Nature Of Property Rights, Information Quality And Corporate Bond Prices

As the basic financing tool in capital market, corporate bonds can optimize the capital structure of the enterprises, ease the burden of bank debt and reduce the risk of the whole financial market. The reasonable pricing of corporate bonds is an important proposition. Generally speaking, the price of bond is the price of inquiry, which will not only affect the financing cost, but also affect the price level of the circulation market. The pricing rationality of the circulation market will affects the enterprise’s financing costs and the efficiency of the whole bond market, and then affects the whole capital market.In the process of capital market operation, the most important factor is the information. The level of information quality for the entire capital market is of great significance. Past studies show that, despite the introduction of a variety of mandatory disclosure of information disclosure requirements, even the Shenzhen stock exchange has also established a system of information disclosure, but the quality of information in our country is still more serious, especially the problem of asymmetric information, which leads to that investors have been issued through the enterprise accounting information to judge the enterprise’s intrinsic value and investment products pricing will misjudgment of various degrees, and over time will lead to the distortion of bond pricing which is not conducive to the optimal allocation of the financial resources of the market.Due to historical reasons, Chinese listed companies appear more obvious characteristics, that is, a large number of state-owned holding enterprises and private enterprises coexist. At present, Chinese financial market is in a period of transition, and the age of development is short. In the context of a special political system, it is necessary to consider the impact of institutional factors on bond pricing and on the relationship between the quality of information and bond pricing.This paper researches the property, information quality and bond pricing data of 2007-2014 in Shanghai and Shenzhen Stock Exchange and discusses the impact of the characteristics of information quality on the pricing of corporate bonds and the impact of property right on the pricing of information quality and corporate bonds are studied.Generally speaking, conclusions are as follows:the negative correlation between the manipulation of earnings and the bond pricing and the price earnings ratio are negative correlated with the bond pricing. The correlation between the degree of earnings smoothness and bond pricing is not significant.