夏卓秀,邓路

• 1:北京航空航天大学经济管理学院

摘要(Abstract)：

近年来，公司债券契约条款的研究已经得到学术界越来越高的关注，但以往研究大多聚焦于欧美发达资本市场。针对中国政府将发展债券市场作为资本市场改革的重要战略这一趋势，本文以2007—2017年发行公司债券的中国A股上市公司为研究对象，通过文本识别和手工收集归纳债券契约条款数据，探究产品市场竞争如何影响公司债券契约条款设置。实证结果表明，公司所在行业产品市场竞争越激烈，其公开发行债券契约条款数越多。考虑到公司在产业链中地位不同其面临竞争压力差异较大，本文从公司市场势力和客户集中度两个角度进行异质性检验，结果表明，公司市场势力较弱、客户集中度较高时，产品市场竞争与债券契约条款之间的正向关系更为显著。进一步机制检验发现，产品市场竞争主要通过加剧公司经营风险和信息不对称程度影响公司债券条款约束。本文首次从产品市场竞争视角考察了外部竞争环境对公司债券契约条款的影响，扩展了公司债券契约条款领域的研究范畴，同时也为债券市场完善监管政策提供经验证据。

关键词(KeyWords)： 产品市场竞争;公司债券契约条款;经营风险;信息不对称

Abstract:

Keywords:

基金项目(Foundation): 国家自然科学基金项目（71772011;72072007）研究资助

作者(Author): 夏卓秀,邓路

DOI: 10.16513/j.cnki.cje.20230308.001

参考文献(References)：

• 陈超，李镕伊.2014.债券融资成本与债券契约条款设计[J].金融研究，(1):44-57.Chen C,Li R Y.2014.The cost of debt and corporate bond contract design[J].Journal of Financial Research,(1):44-57.(in Chinese)
• 陈志斌，王诗雨.2015.产品市场竞争对企业现金流风险影响研究——基于行业竞争程度和企业竞争地位的双重考量[J].中国工业经济，(3):96-108.Chen Z B,Wang S Y.2015.Impact of product market competition on corporate cash flow risk:Analysis based on the competition degree of industry and the competitive position of enterprise[J].China Industrial Economics,(3):96-108.(in Chinese)
• 方红星，施继坤，张广宝.2013.产权性质、信息质量与公司债定价——来自中国资本市场的经验证据[J].金融研究，(4):170-182.Fang H X,Shi J K,Zhang G B.2013.Ownership type,information quality,and corporate bond pricing:The empirical evidence from capital market in China[J].Journal of Financial Research,(4):170-182.(in Chinese)
• 高强，邹恒甫.2015.企业债与公司债二级市场定价比较研究[J].金融研究，(1):84-100.Gao Q,Zou H F.2015.A comparative study on the secondary market pricing of China's enterprise bonds and corporate bonds[J].Journal of Financial Research,(1):84-100.(in Chinese)
• 韩忠雪，周婷婷.2011.产品市场竞争、融资约束与公司现金持有：基于中国制造业上市公司的实证分析[J].南开管理评论，14(4):149-160.Han Z X,Zhou T T.2011.Product market competition,financing constraints and cash holdings:An empirical study based on enlisted companies in China's manufacture industry[J].Nankai Business Review,14(4):149-160.(in Chinese)
• 李波，朱太辉.2020.银行价格竞争、融资约束与企业研发投资——基于“中介效应”模型的实证研究[J].金融研究，(7):134-152.Li B,Zhu T H.2020.Banking price competition,financial constraints,and R&D investment:An empirical study based on a mediating effect model[J].Journal of Financial Research,(7):134-152.(in Chinese)
• 廖理，廖冠民，沈红波.2009.经营风险、晋升激励与公司绩效[J].中国工业经济，(8):119-130.Liao L,Liao G M,Shen H B.2009.Operating risk,promotion incentive and corporate performance[J].China Industrial Economics,(8):119-130.(in Chinese)
• 刘端，王竹青.2017.不同市场竞争条件下客户关系集中度对企业现金持有的影响——基于中国制造业上市公司的实证[J].管理评论，29(4):181-195.Liu D,Wang Z Q.2017.The effect of customer relationship concentration on corporate cash holdings under different competitive market conditions:An empirical study based on enlisted companies in China's manufacture industry[J].Management Review,29(4):181-195.(in Chinese)
• 罗党论，刘晓龙.2009.政治关系、进入壁垒与企业绩效——来自中国民营上市公司的经验证据[J].管理世界，(5):97-106.Luo D L,Liu X L.2009.Political relationship,barriers to entry and enterprises' performance[J].Journal of Management World,(5):97-106.(in Chinese)
• 施丹，姜国华.2013.会计信息在公司债信用等级迁移中的预测作用研究[J].会计研究，(3):43-50.Shi D,Jiang G H.2013.Accounting information and corporate bond credit rating migration[J].Accounting Research,(3):43-50.(in Chinese)
• 史永东，田渊博.2016.契约条款影响债券价格吗?——基于中国公司债市场的经验研究[J].金融研究，(8):143-158.Shi Y D,Tian Y B.2016.Do bond covenants affect bond price?An empirical study based on corporate bond market of China[J].Journal of Financial Research,(8):143-158.(in Chinese)
• 王红建，李青原，陈雅娜.2015.盈余管理、经济周期与产品市场竞争[J].会计研究，(9):44-51.Wang H J,Li Q Y,Chen Y N.2015.Earnings management,business cycle and product market competition[J].Accounting Research,(9):44-51.(in Chinese)
• 王雄元，高开娟.2017a.客户集中度与公司债二级市场信用利差[J].金融研究，(1):130-144.Wang X Y,Gao K J.2017a.Customer-based concentration and bond yield spread in secondary market[J].Journal of Financial Research,(1):130-144.(in Chinese)
• 王雄元，高开娟.2017b.客户关系与企业成本粘性：敲竹杠还是合作[J].南开管理评论，20(1):132-142.Wang X Y,Gao K J.2017b.Customer relationship and cost stickiness:Hold-up or cooperation[J].Nankai Business Review,20(1):132-142.(in Chinese)
• 温日光，汪剑锋.2018.上市公司会因行业竞争压力上调公司盈余吗[J].南开管理评论，21(1):182-190,215.Wen R G,Wang J F.2018.Could listed companies increase earnings for pressure of industrial competition[J].Nankai Business Review,21(1):182-190,215.(in Chinese)
• 吴昊旻，杨兴全，魏卉.2012.产品市场竞争与公司股票特质性风险——基于我国上市公司的经验证据[J].经济研究，47(6):101-115.Wu H M,Yang X Q,Wei H.2012.Product market competition and firm's stock idiosyncratic risk:Based on the empirical evidence of Chinese listed companies[J].Economic Research Journal,47(6):101-115.(in Chinese)
• 夏立军，陈信元.2007.市场化进程、国企改革策略与公司治理结构的内生决定[J].经济研究，42(7):82-95,136.Xia L J,Chen X Y.2007.Marketization,SOE reform strategy,and endogenously determined corporate governance structure[J].Economic Research Journal,42(7):82-95,136.(in Chinese)
• 周夏飞，周强龙.2014.产品市场势力、行业竞争与公司盈余管理——基于中国上市公司的经验证据[J].会计研究，(8):60-66.Zhou X F,Zhou Q L.2014.Product market power,industry competition,and corporate earnings management:Based on the empirical evidence of Chinese listed companies[J].Accounting Research,(8):60-66.(in Chinese)
• 朱玉杰，张上冉.2021.不同发审机制下的承销商声誉与债券融资成本[J].经济学报，8(1):109-128.Zhu Y J,Zhang S R.2021.Underwriter's reputation and bond financing cost under different issuing mechanisms[J].China Journal of Economics,8(1):109-128.(in Chinese)
• Aggarwal R K,Samwick A A.2006.Empire-builders and shirkers:Investment,firm performance,and managerial incentives[J].Journal of Corporate Finance,12(3):489-515.
• Aguerrevere F L.2009.Real options,product market competition,and asset returns[J].The Journal of Finance,64(2):957-983.
• Akdogu E,MacKay P. 2012. Product markets and corporate investment:Theory and evidence[J].Journal of Banking and Finance,36(2):439-453.
• Ball R,Robin A,Sadka G.2008.Is financial reporting shaped by equity markets or by debt markets?An international study of timeliness and conservatism[J].Review of Accounting Studies,13(2/3):168-205.
• Beatty A,Weber J,Yu J J.2008.Conservatism and debt[J].Journal of Accounting and Economics,45(2/3):154-174.
• Begley J,Feltham G A.1999.An empirical examination of the relation between debt contracts and management incentives[J].Journal of Accounting & Economics,27(2):229-259.
• Bharath S T,Sunder J,Sunder S V.2008.Accounting quality and debt contracting[J].The Accounting Review,83(1):1-28.
• Billett M T,King T H D,Mauer D C.2007.Growth opportunities and the choice of leverage,debt maturity,and covenants[J].The Journal of Finance,62(2):697-730.
• Boubaker S,Saffar W,Sassi S.2018.Product market competition and debt choice[J].Journal of Corporate Finance,49:204-224.
• Chava S,Roberts M R.2008.How does financing impact investment?The role of debt covenants[J].The Journal of Finance,63(5):2085-2121.
• Chava S,Kumar P,Warga A.2010.Managerial agency and bond covenants[J].Review of Financial Studies,23(3):1120-1148.
• Datta S,Iskandar-Datta M,Sharma V.2011.Product market pricing power,industry concentration and analysts' earnings forecasts[J].Journal of Banking and Finance,35(6):1352-1366.
• Datta S,Iskandar-Datta M,Singh V.2013.Product market power,industry structure,and corporate earnings management[J].Journal of Banking and Finance,37(8):3273-3285.
• Dechow P M,Sloan R G,Sweeney A P.1995.Detecting earnings management[J].The Accounting Review,70(2):193-225.
• Dewatripont M,Tirole J.1994.A theory of debt and equity:Diversity of securities and manager-shareholder congruence[J].The Quarterly Journal of Economics,109(4):1027-1054.
• Domowitz I,Hubbard R G,Petersen B C.1986.Business cycles and the relationship between concentration and price-cost margins[J].The RAND Journal of Economics,17(1):1-17.
• Eriksson T.1999.Executive compensation and tournament theory:Empirical tests on Danish data[J].Journal of Labor Economics,17(2):262-280.
• Garleanu N,Zwiebel J.2009.Design and renegotiation of debt covenants[J].The Review of Financial Studies,22(2):749-781.
• Gertner R,Gibbons R,Scharfstein D.1988.Simultaneous signalling to the capital and product markets[J].The RAND Journal of Economics,19(2):173-190.
• Gosman M L,Kohlbeck M J.2009.Effects of the existence and identity of major customers on supplier profitability:Is Wal-Mart different?[J].Journal of Management Accounting Research,21(1):179-201.
• Haushalter D,Klasa S,Maxwell W F.2007.The influence of product market dynamics on a firm's cash holdings and hedging behavior[J].Journal of Financial Economics,84(3):797-825.
• Hertzel M G,Li Z,Officer M S,et al.2008.Inter-firm linkages and the wealth effects of financial distress along the supply chain[J].Journal of Financial Economics,87(2):374-387.
• Hou K W,Robinson D T.2006.Industry concentration and average stock returns[J].The Journal of Finance,61(4):1927-1956.
• Irvine P J,Pontiff J.2009.Idiosyncratic return volatility,cash flows,and product market competition[J].Review of Financial Studies,22(3):1149-1177.
• Irvine P J,Park S S,Y?ld?zhan ?.2016.Customer-base concentration,profitability,and the relationship life cycle[J].The Accounting Review,91(3):883-906.
• Jensen M C,Meckling W H.1976.Theory of the firm:Managerial behavior,agency costs and ownership structure[J].Journal of Financial Economics,3(4):305-360.
• Jory S,Ngo T.2017.Firm power in product market and stock returns[J].The Quarterly Review of Economics and Finance,65:182-193.
• Kale J R,Shahrur H.2007.Corporate capital structure and the characteristics of suppliers and customers[J].Journal of Financial Economics,83(2):321-365.
• Kim J B,Song B Y,Zhang Y.2015.Earnings performance of major customers and bank loan contracting with suppliers[J].Journal of Banking and Finance,59:384-398.
• Li X.2010.The impacts of product market competition on the quantity and quality of voluntary disclosures[J].Review of Accounting Studies,15(3):663-711.
• Lindenberg E B,Ross S A.1981.Tobin's Q ratio and industrial organization[J].The Journal of Business,54(1):1-32.
• Malitz I.1986.On financial contracting:The determinants of bond covenants[J].Financial Management,15(2):18-25.
• Markarian G,Santaló J.2014.Product market competition,information and earnings management[J].Journal of Business Finance and Accounting,41(5/6):572-599.
• Nash R C,Netter J M,Poulsen A B.2003.Determinants of contractual relations between shareholders and bondholders:Investment opportunities and restrictive covenants[J].Journal of Corporate Finance,9(2):201-232.
• Nikolaev V V.2010.Debt covenants and accounting conservatism[J].Journal of Accounting Research,48(1):137-176.
• Patatoukas P N.2012.Customer-base concentration:Implications for firm performance and capital markets[J].The Accounting Review,87(2):363-392.
• Peress J.2010.Product market competition,insider trading,and stock market efficiency[J].The Journal of Finance,65(1):1-43.
• Pfeffer J,Salancik G R.2003.The external control of organizations:A resource dependence perspective[M].Stanford:Stanford Business Books.
• Shi G F,Sun J F.2015.Corporate bond covenants and social responsibility investment[J].Journal of Business Ethics,131(2):285-303.
• Shleifer A.2004.Does competition destroy ethical behavior?[J].American Economic Review,94(2):414-418.
• Smith C W Jr,Warner J B.1979.On financial contracting:An analysis of bond covenants[J].Journal of Financial Economics,7(2):117-161.
• Verrecchia R E,Weber J.2006.Redacted disclosure[J].Journal of Accounting Research,44(4):791-814.
• Zhang J Y.2008.The contracting benefits of accounting conservatism to lenders and borrowers[J].Journal of Accounting and Economics,45(1):27-54.
• (1)由于我国证监会2011年对行业分类做出了进一步细化和调整,因此本文根据2011年证监会行业分类将对应的受管制行业界定为采掘业(B—B06、B07、B08、B09、B10、B11、B12);石油、化学、塑胶、塑料(C25、C26、C28、C29、C30、C31、C32、C33、C39、C43);金属、非金属(C6);电力、煤气及水的生产与供应(D);交通运输、仓储业(G53、G54、G55、G56、G57、G58、G59、G60);信息技术业(I63、I64、I65)以及水利、环境和公共设施管理业(N76、N77、N78)。