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论文编号：	12667
作者编号：	2120192811
上传时间：	2021/6/19 9:58:21
中文题目：	年报风险信息披露、债券信用评级与债券融资成本
英文题目：	Risk Factor Disclosures in Annual Report, Bond Credit Rating and Bond Financing Cost
指导老师：	陆宇建
中文关键字：	风险信息披露；债券融资成本；信用评级
英文关键字：	Risk Factor Disclosures; Bond Financing cost; Credit Rating
中文摘要：	风险信息披露是资产有效定价的前提，近年来随着金融危机、债券违约等事件频频发生，市场参与者对风险信息的需求日益旺盛。美国证监会于2005年开始要求上市公司在年度报告首页专门讨论公司面临的重大风险因素，中国证监会也于2007年首次要求在年报中董事会报告部分披露对公司发展战略和经营目标产生不利影响的风险因素及其应对措施，并于2012年再次要求在年度报告目录之后单独刊登重大风险提示，披露公司面临的重大风险及其应对措施。 但从目前上市公司披露的年报中可以看出，相比于美国长达十多页的风险披露，我国上市公司年报风险披露浅短、内容单薄。那么我国上市公司年报风险信息披露是标准化、模板化的泛泛而谈，还是可以反映企业风险状况的真实信息？年报风险信息披露是会提高投资者的风险认知、引起市场恐慌，还是降低了信息不对称、获得正向的市场反应？ 本文以2011-2019年在沪、深交易所发行公司债的A股上市公司为研究对象进行实证检验发现：（1）我国上市公司年报风险信息披露提高了债券投资者的风险认知，从而提高了债券融资成本；（2）从作用机制来看，债券信用评级是年报风险信息披露影响债券融资成本的不完全中介，中介效应占总效应的比例为15.53%，直接效应占总效应的比例为83.87%；（3）从风险类别来看，当公司在年报中披露了财务风险后，企业的债券融资成本上升；（4）从风险披露质量来看，本文将年报风险信息披露分为模板化风险信息披露和个性化风险信息披露后发现，个性化风险信息披露提高了债券融资成本，而模板化风险信息披露对债券融资成本没有影响；（5）相比于国有企业，年报风险信息披露对债券融资成本的消极影响在民营企业中更为显著；（6）我国上市公司内部控制质量、年报披露的风险应对措施可以削弱年报风险信息披露对债券融资成本的消极影响，起到调节作用。
英文摘要：	Risk factor disclosures are important for effective asset pricing. In recent years, with the frequent occurrence of financial crises and bond defaults, market participants have increasingly strong demand for risk information. The US Securities Regulatory Commission began in 2005 to require listed companies to discuss the major risk factors faced by the company on the first page of the annual report. In 2007, the China Securities Regulatory Commission also required for the first time in the annual report to disclose the risk factors that adversely affect the company’s development strategy and business objectives in the report of the board of directors. In 2012, the China Securities Regulatory Commission again required the disclosures of major risk warnings separately after the annual report catalogue, disclosing major risks faced by the company. However, from the current annual reports disclosed by listed companies, it can be seen that compared with more than ten pages of risk disclosures in the United States, the risk disclosures in our country is short. So is the risk factor disclosure in the annual reports standardized and templated, or is it real information that can reflect the risk status of enterprises? Will the risk factor disclosures increase investors’ risk perceptions and cause market panic, or will it reduce information asymmetry and obtain a positive market response? We found that: (1) The risk factor disclosures in the annual report of listed companies have increased the investors’ risk perceptions, thereby increasing the bond financing cost; (2) Bond credit rating is incomplete intermediary of risk factor disclosures on bonds financing cost; (3) When a company discloses financial risks in its annual report, the company’s bond financing cost is rising; (4)Unique risk factor disclosures increase bond financing cost, while templated risk factor disclosures have no effect on bond financing cost; (5) Compared with state-owned enterprises, the impact of risk factor disclosures on bond financing cost is more significant among private enterprises; (6) The quality of internal control of listed companies and the risk countermeasure disclosures can reduce the impact of risk factor disclosures on bond financing cost.
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