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

公司債定價和所有權異質性

作者：Kershen Huang， Alex Petkevich

摘要：本文檢驗了機構投資者股權的異質性對于公司債券持有人的影響。研究發現，有着更多短期（長期）機構持股的企業往往有着更高（更低）的未來債券收益率利差。短期所有權對債券定價帶來的負效應由更高的财務困境風險和更大的股價波動性導緻，而長期所有權帶來的正效應看起來更具合理性。更進一步，本文發現債券定價效應在股東權力相對較弱時比較明顯。最後，短期（長期）股權的影響主要受機構持股的集中性（分散性）驅動。

關鍵詞：債務代理成本，信息，機構投資者，投資期限

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

原文鍊接：

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

翻譯：田佳琪