债券契约条款与公司创新绩效——风险保护和风险补偿的作用
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国家社会科学基金重点项目(20AGL011);南开大学亚洲研究中心课题(AS2106)


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    摘要:

    协调好包括债券投资者在内的重要利益相关者在创新中的风险收益关系,有助于实现创新带来的高收益。以2007—2022年发行债券的A股上市公司为样本研究发现,合理保护投资者利益的债券契约条款能够促进创新绩效提升。作用机制检验结果表明,提供风险保护的契约限制性条款可以缓解代理冲突,提供风险补偿的契约价格条款能够促进风险承担水平提高,两者均有助于提升创新绩效。进一步研究发现,在创新型公司、国有公司以及处于较差制度环境和较低金融发展水平地区的公司,债券契约的限制性条款和价格条款越强,越有助于公司创新绩效提升。研究结果揭示了债券投资者对创新的积极影响,为强化债权人保护提供了经验证据,对当前公司协调好利益相关者关系、提升创新绩效具有启示意义。

    Abstract:

    Coordinating the risk-return relationship among the key stakeholders, including bond investors, in innovation activities, is helpful for the company to realize the high returns from high-risk innovation activities. Taking Chinese A-share listed companies issuing bonds from 2007 to 2022 as the sample, this empirical study finds that under the current circumstances in our country, bond contract terms favoring bond investors promote the corporate innovation performance. Mechanism test shows that the restrictive terms of bond convenants which provide risk protection for bond investors promote innovation performance by reducing agency costs, and the price terms of convenants which provide risk compensation for bond investors promote innovation performance by promoting the company's overall risk-taking. Further tests show that the creditor protection embodied in the terms of bond convenants is more effective in promoting innovation performance among innovative companies, state-owned listed companies, companies in regions with poor institutional environment, and companies in areas with low levels of financial development. This study reveals the important influence of bond investors on corporate innovation activities, enriches and expands the relevant literature on the impact of creditors on corporate innovation performance, and provides empirical evidence for strengthening the protection of creditors. The conclusion has enlightening significance for Chinese companies to coordinate the relationships of stakeholders and improve innovation performance.

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梅 丹.债券契约条款与公司创新绩效——风险保护和风险补偿的作用[J].审计与经济研究,2025,40(5):61-71

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  • 在线发布日期: 2025-10-13
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