Research On The Influence Of Information Transsparency On Corporate Bond Financing Cost

With the tightening of IPO audits,bond financing has gradually become an important financing means for listed companies.However,with the substantial expansion of corporate bonds,"rigid redemption"has been broken.How to reduce the financing cost of corporate bonds and promote the healthy development of the bond market has become an important issue.Information is an important factor affecting the efficiency of market resource allocation.Bond investors need to constantly correct the risks caused by the uncertainty caused by the information asymmetry in the market according to the information disclosed by the issuer,and make corresponding decisions.Therefore,the information transparency of the issuer's main body has an important impact on its financing costs.This paper takes corporate bonds issued by listed companies in China in 2012-2017 as the research object,and builds a multivariate regression model based on the effective market hypothesis,information asymmetry,signal transmission and principal-agent theory,from accounting information transparency and internal information transparency.At the same time,the impact of information transparency on the cost of corporate bond financing is studied.At the same time,considering the influence of the nature of property rights and the degree of marketization,the grouping of listed companies is tested to examine the differences in the impact of corporate information transparency on bond financing costs in different contexts.Through research,the following conclusions are drawn:(1)Information transparency can effectively reduce the cost of corporate bond financing;(2)The transparency of accounting information has a more significant negative impact on the financing cost of non-state-owned listed companies,while internal information transparency is listed for the state.The negative impact of corporate bond financing costs is more significant;(3)The negative impact of information transparency on corporate bond financing costs is more pronounced in areas with less marketization.