The Impact Of Comparability Of Accounting Information On Bond Spreads

In recent years,"China's speed" has promoted the development of the company,but China's economy is still in the adjustment stage.The development of the bond market is not perfect,which leads to the rapid Growth of credit risk in the bond market.Credit risk is an important factor affecting investors' decision making.Therefore,the academic circles began to discuss the factors affecting the credit spreads of bonds widely.The existing literature on the factors affecting the credit spreads of bonds is studied from three aspects of macro,micro and vouchers,and the micro level is mostly concerned with the audit research,the quality of internal control,corporate governance and so on.The comparability of accounting information is neglected.As one of the characteristics of the quality of accounting information,whether the comparability of accounting information affect the credit spreads of bonds?And how the bond credit rating plays a role in it?It is rarely mentioned in the literature.Accounting information comparability is one of the characteristics of accounting information quality.It is beneficial to the users of accounting information to make more accurate analysis on the financial status and management results of different companies and improve the efficiency of decision-making.Compared with the quality characteristics of accounting information within a single company,such as reliability and robustness,comparability is the intercompany measurement of accounting information quality.The comparability of accounting information can alleviate the information asymmetry between creditors and companies and reduce the financing cost of companies.As an information intermediary,credit rating firm plays a very important role in information disclosure of market financial reports.The rating of bonds issued can reduce the degree of information asymmetry between creditors and issuing companies,thus reducing the financing cost of bonds.Therefore,this paper discusses the impact of comparability of accounting information on bond spreads,and further analyzes the effect of bond credit rating on the relationship between the two parties.Through the active exploration of these aspects,it not only enriches the related documents of the accounting information,but also helps to promote the healthy development of the credit bond market,which is of great practical significance.This article is mainly divided into five parts.Part one:Introduction.This part mainly introduces the research background and significance of this thesis,expounds the contents and methods of this thesis,and summarizes the structure arrangement and possible innovation of this thesis.Part two:Literature Review.This part mainly focuses on two aspects of the comparability of accounting information and the credit spreads of bonds,focusing on the concept and measurement of the comparability of accounting information,the economic consequences of the comparability of accounting information,the influencing factors of the three levels of the bond credit margin,the influencing factors and economic consequences of the credit rating,as the latter.The hypothesis is put forward.Part three:Theoretical Analysis and Hypothesis.Based on "information asymmetry theory","signal transmission theory" and "investor protection theory",this article analyzes the impact of accounting information comparability on bond credit spread and the mediating effect of bond credit rating,and finally puts forward the research hypothesis of this paper.Part four:Empirical design.This part discusses the selection of samples and the screening of data,defines the variables of sample data,determines the explained variables and the explained variables,selects the corresponding control variables,and designs the regression model.Part five:Empirical Results and Analysis.Firstly,the thesis makes descriptive statistics and correlation analysis on variables such as comparability of accounting information,credit spread of bonds,credit rating,etc.Then,through these variables,it adopts corresponding models to carry out empirical tests.From the test results,it specifically analyzes the impact of comparability of accounting information on credit spread of bonds,as well as the intermediary effect of credit rating on the relationship between the two,and finally carries out robustness tests.Part six:Summary.Based on the above empirical study,this thesis studies the conclusion,analyzes the conclusion and puts forward further countermeasures and Suggestions to realize the meaning of writing in this thesis.Finally,the thesis summarizes the shortcomings and prospects of the research.Based on the 2001-2016 year financial data of the A shares listed in the two Shanghai and Shenzhen stock markets,this paper draws the following conclusions through empirical research:(1)there is a significant negative correlation between the accounting information comparability and the bond credit spreads,and(2)there is an obvious negative correlation between the comparability of accounting information and the credit rating of the bonds.The bond credit rating plays an intermediary role in the relationship between the comparability of accounting information and the spread of bond credit.(3)the more intense competition in the industry,the stronger the negative correlation between the comparability of accounting information and the credit spreads of bonds.Compared with the areas with good legal environment,the negative correlation between the comparability of accounting information and the credit spread of bonds is stronger in poor legal environment.Compared with the existing research,the main innovations of this paper are as follows:(1)this paper takes accounting information comparability as a breakthrough point,and analyzes the influence of accounting information quality on the bond market by studying the influence of accounting information comparability on credit rating and credit spreads,and the angle is new.(2)this paper studies the influence of accounting information comparability on bond credit margin and bond credit rating,and on this basis,discusses the intermediary effect of the bond credit rating on the relationship between the accounting information comparability and the bond credit margin,and tries to analyze the influence path of the quality of accounting information on the bond credit spreads,and provides new research ideas.