Research On The Impact Of Board Of Directors Governance On Corporate Bond Finacing Cost

At present,with the increasingly stringent IPO review,bond financing has gradually become an important financing method for listed companies.However,with the substantial expansion of corporate bond issuance,"rigid cashing" has been broken.How to reduce the financing cost of corporate bonds and promote the healthy development of bond market has become one of the important research topics in the field of finance.Many scholars have analyzed the influencing factors of bond financing cost from different fields.Previous studies have found that: the financing cost of corporate bonds is greatly affected by its credit rating.When the credit rating is lower,the financing cost is higher,otherwise,the lower;customer concentration,information disclosure quality,accounting information also significantly affect the bond financing cost.However,few studies have focused on the impact of Board Governance on bond financing costs.In modern corporate governance structure,there are two levels of agency relationship,namely,the relationship between the shareholders' meeting and the board of directors,and the relationship between the board of directors and the managers.The board of directors plays an indispensable role as a bridge in the hierarchical relationship and agency structure of an enterprise.It can combine the shareholders and managers of the enterprise to the greatest extent,and carry out comprehensive management of the enterprise to ensure the sustainable development ability of the enterprise.At the same time,the board of directors of an enterprise has a dual identity.The board of directors is not only the agent of the enterprise,but also the principal of the enterprise.It is the core factor of enterprise governance and has a very important impact on the development of the enterprise.Therefore,the relationship between board governance and bond financing cost is worth studying.This article selects 733 corporate bonds issued by 325 listed companies in the A-share market from 2015 to 2019 as samples,and analyzes the influencing factors of corporate bond financing costs from the perspective of board governance and selects seven evaluation indicators of Board Governance: the independence of the board of directors,the size of the board of directors,the setting of professional committees of the board of directors,the integration of the chairman and the general manager,the behavior of the board of directors,the remuneration of the board of directors and the shareholding ratio of the board of directors The content of the regression equation is established,and empirical research is carried out.Through the research,the following conclusions are drawn: firstly,the size of the board of directors,the independence of the board of directors,the behavior of the board of directors and the setting of professional committees of the board of directors are negatively related to the financing cost of corporate bonds;secondly,the integration of the chairman of the board of directors and the general manager is positively correlated with the financing cost of corporate bonds;thirdly,the shareholding ratio of the board of directors and the directors The relationship between the remuneration and the cost of corporate bond financing is not obvious.