喻园管理论坛2025年第20期(总第1061期)
演讲主题：Does Regulator as a Minority Shareholder Affect Bond Yield Spreads? A Quasi-Natural Experiment
主讲人：欧阳才越 北京交通大学副教授
主持人：黄坤 会计与财税系讲师
活动时间：2025年4月25日（周五） 10:00-11:30
活动地点：管院大楼119教室
主讲人简介：
欧阳才越，财务管理学博士，北京交通大学副教授，中国会计学会财务成本分会理事，中国商业会计学会智能财务分会理事，中国注册会计师协会非执业会员，拥有中国法律执业资格。主要关注中国情境的财务与会计问题，研究方向为法与金融和投资者保护。主持国家自然科学基金青年项目等国家级和省部级课题多项，目前已经在《经济研究》、《会计研究》和Journal of Corporate Finance、Journal of Business Finance and Accounting、Abacus等国内外权威期刊发表论文近二十篇，多篇论文处于Management Science（UTD24）、Contemporary Accounting Research（FT 50）等国际顶级期刊R&R阶段。
活动简介：
In 2014, to strength the protection of minority shareholders, the China Securities Regulatory Commission (CSRC) established the China Securities Investor Services Center (CSISC), which owns 100 common shares of listed firms. In this study, we investigate whether CSISC shareholding has a spillover effect in the bond market. Employing a difference-in-differences (DID) analysis for a sample of bonds issued by listed firms during 2015-2017, we find that CSISC shareholding is associated with lower bond yield spreads. The channel tests show that CSISC shareholding can decrease bond yield spreads by reducing information asymmetry and easing agency conflict between shareholders and bondholders. The additional analyses show that bond trustees’reputation moderates the relationship between CSISC shareholding and bond yield spreads, and the difference in bond yield spreads between the treatment and control groups disappeared after the CSISC shareholding pilot program was promoted nationwide. Our results suggest that CSISC shareholding has a spillover effect in protecting the interests of bond investors.
