基地研究员黄勇副教授的论文“The spillover effect of dishonesty across markets: PEP fund reallocation and bond rating”在重要学术期刊Pacific-Basin Finance Journal发表。

摘要：Firms altering the utilization of equity capital raised through private equity placements (PEPs) may be viewed as either lacking good faith or adapting to changing business conditions. We investigate how the debt market interprets the implications of these changes. Linking data on the change of PEP funds utilization with the bond rating of listed firms in China, we find that changes in PEP funds utilization lead to a significantly lower rating of bonds issued subsequently. The finding is robust to alternative sample selection schemes, alternative model specifications, and various endogeneity-mitigating approaches. The negative impact of changing the uses of PEP funds on bond rating is more pronounced for firms that are non-state-owned enterprises, younger, and more likely to default, for bonds with longer maturity and those traded in the market with more retail investors, issued after the regulatory limitation on the pledgeability lowly-rated bonds, issued by firms located in provinces with a worse reputation for dishonesty or legal protection for investors. Further analysis suggests that the change also widens the credit spread. Overall, our results provide empirical evidence that debt market participants price the dishonest behavior of issuers, even though the behaviors occur in another market.

关键词：Private equity placements; Dishonesty; Bond rating

论文链接：https://doi.org/10.1016/j.pacfin.2025.102865

教师简介

黄勇，中南财经政法大学会计学院财务管理系副教授，日本九州大学经济学博士。主要研究方向为实证公司金融与行为公司金融。论文发表于Journal of Corporate Finance、International Review of Economics and Finance、International Review of Financial Analysis和Pacific-Basin Finance Journal等期刊。担任International Review of Economics and Finance、International Review of Financial Analysis、Pacific-Basin Finance Journal和Finance Research Letters等期刊匿名审稿专家，主持国家自然科学基金等课题。