| Bond market is an important part of China’s financial market and an important way to realize its direct financial function.China’s "fourteenth five year plan" points out that it is necessary to improve the market-oriented bond issuance mechanism and encourage the transformation of financing structure to direct financing.Corporate bond is an important channel for Chinese companies to raise funds directly,and it is also the forward position to promote direct financing in China.The research on corporate bonds has important practical significance.The main innovation of this paper is to use corporate risk-taking as an intermediary variable to study the impact of ownership structure on corporate bond financing costs.The existing research on the impact of ownership structure on the financing cost of corporate bonds is not enough,and the research and Analysis on its mechanism also focus on the impact of ownership structure on corporate performance.This paper studies and tests the path of ownership structure corporate risk-taking corporate bond financing cost.As a new analytical idea,it is helpful to understand the impact of ownership structure on corporate bond financing cost.Firstly,this paper combs the previous research on the relationship between ownership structure and corporate bond financing cost,and believes that higher ownership concentration may lead to conservative investment by controlling shareholders,which is conducive to reducing the risks faced by creditors;On the other hand,the excessive equity concentration leads to the lack of checks and balances among the controlling shareholders,which may infringe the interests of the company.The superposition of the two functions makes it present a U-shaped relationship.After further analysis,it is decided to use corporate risk bearing as the intermediary variable between the two.Considering the difference of credit risk between state-owned enterprises and private enterprises caused by government implicit guarantee,it is decided to study state-owned enterprises and private enterprises separately.In the empirical aspect,this paper takes the corporate bonds issued and circulated in Shanghai and Shenzhen stock exchanges from 2018 to 2021 as the research sample,and uses the fixed effect model and intermediary effect model to conduct regression analysis on the sample data.The empirical results show that there is a significant positive U-shaped relationship between ownership concentration and corporate bond credit spread,and between ownership concentration and corporate risk-taking,that is,there is an optimal ownership concentration to reduce corporate bond credit spread and corporate risk-taking.There is a significant positive correlation between corporate risk-taking level and corporate bond credit spread,which is the factor affecting corporate bond credit spread,and corporate risk-taking level plays an intermediary role between equity concentration and corporate bond credit spread.According to the above research conclusions,the following suggestions are drawn: the bond issuing companies can consider appropriate adjustment of the company’s ownership structure,so as to reduce the financing cost of corporate bonds.Investors can also take the company’s ownership structure and corporate risk-taking into account as one of the influencing factors when valuing and pricing corporate bonds. |
