科学研究
报告题目：Bond market liberalization and corporate investment
报告人：王彦慧
报告时间：2024年5月22日（周三）10:00-11:30
报告地点：腾讯会议（会议ID：712 203 182）
主办单位：东北财经大学会计学院 辽宁省资本市场财务与会计研究生创新与学术交流中心
【报告摘要】
Little evidence exists regarding the consequences of bond market liberalization. In this study, we investigate the effect of bond market liberalization on corporate investment using the launch of Bond Connect in China in 2017 as an experiment. We find that bond market liberalization constrains corporate investment. Our multicase study, survey, and regression analyses consistently reveal that the negative effect of bond market liberalization on investment is manifested through the channels of more bond covenants, higher reputation cost, and greater litigation risk. The effect is more pronounced in firms with higher default risk, debtholder-shareholder conflicts, financial constraints, and foreign investor monitoring.
【报告人简介】
王彦慧，上海交通大学安泰经济与管理学院博士研究生，新加坡管理大学访问学者。研究方向为会计与资本市场，主要研究领域包括资本市场开放、债权人保护、信息披露等。
【特别提醒】
未经论文作者和主办方允许，严禁将讲座内容录制并公开传播，违者将有可能被追究法律责任。
