封超,张雪莹,刘海明,马世群

• 1:山东财经大学金融学院

摘要(Abstract)：

文章基于中国A股上市公司发行的公司债数据，研究了金融周期对公司债券契约限制性条款设计的影响。研究发现，当金融周期处于高涨期时，债券契约中限制性条款数量显著减少；当金融周期处于衰退期时，债券契约中限制性条款数量显著增加。金融周期不同阶段通过改变公司融资约束，进而对债券契约中的限制性条款数量产生影响。异质性分析表明，金融周期对债券契约中限制性条款数量的影响在非国有性质、信息透明度低和市场化水平低的公司中表现更加明显。进一步分析表明，金融周期对不同类型限制性条款使用数量的影响存在差异；金融周期顶部区域对限制性条款使用数量的影响表现出特殊性，这从金融周期变动视角为保护债券投资者的利益提供了新思路。

关键词(KeyWords)： 金融周期;债券契约限制性条款;融资约束;债权人利益保护

Abstract:

Keywords:

基金项目(Foundation): 国家自然科学基金项目“内生互动视角下的银企关系研究”(71702089);; 教育部人文社科规划项目“管理层股权激励对债券持有人利益的影响研究”(24YJA790094)的资助

作者(Author): 封超,张雪莹,刘海明,马世群

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