THE JOURNAL OF CORPORATE FINANCE ·Volume 36, February 2016, Pages 54–74

公司债定价和所有权异质性

作者：Kershen Huang， Alex Petkevich

摘要：本文检验了机构投资者股权的异质性对于公司债券持有人的影响。研究发现，有着更多短期（长期）机构持股的企业往往有着更高（更低）的未来债券收益率利差。短期所有权对债券定价带来的负效应由更高的财务困境风险和更大的股价波动性导致，而长期所有权带来的正效应看起来更具合理性。更进一步，本文发现债券定价效应在股东权力相对较弱时比较明显。最后，短期（长期）股权的影响主要受机构持股的集中性（分散性）驱动。

关键词：债务代理成本，信息，机构投资者，投资期限

Corporate bond pricing and ownership heterogeneity

Kershen Huang, Alex Petkevich

ABSTRACT

We examine how heterogeneity in institutional equity ownership affects bondholders. Firms with larger short-term (long-term) institutional ownership are associated with higher (lower) future bond yield spreads. The adverse effect of short-term ownership on bond pricing is driven by issuing firms that have larger financial distress risk and larger equity volatility. The favorable effect of long-term ownership appears to be more systematic. Further, this bond pricing effect is stronger in cases where shareholder rights are relatively weak. Finally, the effect of short (long) horizons is driven by concentrated (diffused) institutional holdings.

Keywords: Agency cost of debt, Information, Institutional investors, Investment horizon

原文链接：

http://www.sciencedirect.com/science/article/pii/S0929119915001315

翻译：田佳琪