Supply Chain Relationship And Corporate Bond Pricing

The development of enterprises is inseparable from the promotion of funds.With the rapid development of the market economy,indirect financing such as traditional bank loans can no longer meet the strong financing needs of enterprises.More and more enterprises issue bonds as direct financing means to replenish funds.Hence the pricing of bond issuance has become the focus of the company.The process of marketization has also intensified competition among enterprises.Supply chain has an increasingly important impact on business operations as a special environment.Based on this,from the perspective of supply chain relationship,this paper explores the relationship between it and corporate bond pricing,and also the impact of internal and external environment on this relationship.The research in this paper has certain significance on both theory and practice.In theory,this paper starts from the upstream and downstream relationship of the supply chain,and then expands to the internal and external environment,comprehensively studies the mechanism of the impact of environmental conditions oin the pricing of corporate bond issuance;In practice,it attracts more attention to the supply chain relationship,strengthens the management ability of enterprises to deal with different environments,and promotes the rationalization of bond issuance pricing.The innovation of this paper lies in treaating the upstream and downstream of the supply chain as a whole,exploring the impact of supply chain on corporate bond pricing,and further expanding the research perspective of the impact of supply chain on corporate bond pricing.Based on the overall environmental perspective,it explores the impact mechanism of debt pricing from different environmental conditions.This paper empirically analyzes the impact of supply chain relationships on corporate bond pricing by using corporate bond data issued by China's listed companies from 2007 to 2018.and then studies the regulating role of internal control and envirornmental uncertainty.The following three conclusions are obtained:(1)Companies in a strong position in the supply chain relationship can reduce the issuance pricing of corporate bonds.(2)Internal control has a restraining effect on the negative effects between supply chain relationships and corporate bond pricing.(3)Environmental uncertainty has a negative effect on the negative effects between supply chain relationships and corporate bond pricing.