Accounting Information Quality,Information Intermediary Governance And Bond Credit Spread Study

Since 2007,Chinese corporate bond market has been gradually established,the transaction scale is expanding.However,with the exposure of the "ST Xiang Eqing" principal default event,it has caused the practical and theoretical circles to credit the corporate bond market.How to effectively identify and prevent corporate bond credit spreads has become the most concerned issue for China's securities regulatory authorities,and it is also the most urgent problem to be solved in the healthy development of Chinese bond market.This paper analyzes the impact of accounting information quality on the credit spread by using the corporate bond data publicly issued by Shanghai and Shenzhen in 2010-2016.We found that high-quality accounting information as an important information helps investors accurately determine the true value of the company and protect its own interests.However,this relationship is weaker in state-owned companies.Which indicate that the government's implicit guarantee may cause investors to ignore the necessary attention to the information quality of companies.Audit quality can also weaken the correlation between accounting information quality and credit spread.Which indicate that auditors can promote the reliability of financial accounting information and alleviate the information asymmetry caused by low earnings quality.