文章标题：Do multiple large shareholders affect corporate bond yield spreads? Evidence from China.

发表期刊：Pacific-Basin Finance Journal

发表时间：2022年4月

刊次：第4期

摘要：

We investigate the impact of multiple large shareholders on corporate bond yield spreads. We find that the presence of multiple large shareholders lowers bond yield spreads. In cross-sectional analysis, we find that the impact of multiple large shareholders on bond yield spreads only exists in subsamples with severe agency costs, high default risk, and poor information asymmetry, indicating that multiple large shareholders (MLS) reduce corporate bond yield spreads by disciplining the expropriation of controlling shareholders and lowering information asymmetry. Overall, our findings document a positive economic consequence of multiple large shareholders from the perspective of debt financing costs.

关键词： Multiple large shareholders；Information asymmetry； Monitoring；Collusion corporate bond yield spreads

博士生简介：

谢妍，中国金融学院2020级博士生，研究方向：宏观金融政策与微观企业行为