An Empirical Study On The Influence Of Accounting Transparency On The Credit Spreads Of Chinese Corporate Bonds

As an important means of corporate financing in China,corporate bonds can optimize the capital structure and resource allocation,improve market efficiency,and attract the attention of investors.As the basis of corporate bond pricing,the credit spread can effectively measure the corporate credit risk.Due to the late start of corporate bonds in China and the small amount of early issuance,domestic scholars have done little research on the credit spread of corporate bonds.Therefore,it is significant for the healthy development of Chinese bond market to conduct research on credit spread based on the actual situation of corporate bonds in China.Accounting information disclosure can not only help investors analyze the company's operating conditions and protect the interests of investors,but also help the bond market resources to be properly allocated,which in turn will have an impact on credit risk and credit spreads of bonds.Accounting transparency can measure the disclosure of accounting information.However,accounting transparency as a concept has not yet been defined.Domestic and foreign scholars have relatively little research on the correlation between accounting transparency and the credit spreads of corporate bond.Therefore,taking the accounting transparency as the breakthrough point to study its relationship with the credit spreads of corporate bonds in China in order to put forward some suggestions for the development of Chinese bond market.This paper uses theory and empirical methods to conduct theoretical analysis and empirical research on accounting transparency and the credit spreads of Chinese corporate bonds.Firstly,related concepts of corporate bonds,credit spreads and accounting transparency are described.Secondly,the credit spreads are calculated based on the SV model of term structure of interest rates as the explanatory variable.At the same time,the comprehensive index composed of surplus smoothness and surplus aggressive progress is used as an accounting transparency indicator as an explanatory variable.In addition,at the micro level,some factors that may affect the credit spread are selected as control variables.Finally,selecting the relevant data of the listed companies of Shenzhen Stock Exchange from 2015 to 2017,constructing a multivariate regression model for empirical analysis,and analyzing the impact of variables on credit spreads.In addition,the three industries with the largest sample size are selected for empirical analysis and compared with the total sample results to test the validity and significance of the model.The empirical results show that there is a significant positive correlation between accounting transparency and the credit spreads of bonds.It shows that under the circumstance of low corporate accounting transparency,investors will increase their holdings of bonds,companies can get more funds,the default risk is reduced,and credit spreads are reduced.It means that the standards for information disclosure in Chinese bond market have not been unified,and the relevant supervision is not enough.And the investors' ability to analyze the bond market needs to be improved.Some suggestions are put forward in this paper.On the one hand,the relevant laws and regulations should be formulated and the accounting information disclosure standards should be improved.On the other hand,investors' quality should be enhanced to jointly create a healthy bond market.