Accounting Information Quality,Intermediary Reputation And Corporate Bond Financing Cost

At present,the Chinese government vigorously promotes the direct financing method,emphasizing the proportion of direct financing.The issue of the favorable corporate bond policy in 2015 has brought more and more attention to the corporate bond market.The corporate bond financing with lower publishing threshold has been favored by many companies.Accounting information quality and intermediation reputation as the internal and external governance mechanisms of the company can effectively reduce the information asymmetry of the market and help investors make reasonable value judgments.By studying the relationship among accounting information quality,intermediation institution reputation and corporate bond financing cost,this paper provides ideas for companies to reduce the financing cost,the financial intermediation to play the certification role,the investors to reasonably judge the corporate bond risk,and the supervision to improve the regulatory policy.Firstly,relevant research literatures are sorted out and theoretical analyses are made.This paper selects the corporate bonds issued in China in 2015-2018 as the research sample.Through descriptive statistics,correlation analysis and regression analysis,this paper analyze the impact of accounting information quality and intermediation reputation on the cost of corporate bond At the same time,according to whether the issuer is a listed company and the degree of marketization,the paper divides the samples separately to study whether the role of reducing corporate bond financing costs is different.The research results are as follows:(1)The higher accounting information quality,the lower the cost of corporate bonds;(2)The higher intermediation reputation,the lower the cost;(3)There is an alternative relationship between accounting information quality and intermediary reputation in reducing the cost;(4)When the issuer is a non-listed company,the alternative relationship are stronger;(5)When the issuer is in lower degree of marketization regions,the alternative relationship are stronger.Finally,based on the empirical results,the corresponding recommendations were made.