本文基于債券持有人利益保護視角,以手工收集的2007-2016年滬深A股上市公司發行的公司債特殊條款為樣本,研究公司債特殊條款對會計穩健性的影響,以及債券評級的調節作用,并基于公司治理機制和代理沖突角度,探究公司債特殊條款影響會計穩健性的作用機理。研究發現,公司債特殊條款數量越多(約束強度越大),發債主體會計穩健性水平越高;債券評級越低,公司債特殊條款對會計穩健性的正效應越大。進一步研究發現,在國有企業、公司治理水平低以及代理沖突嚴重的情況下,公司債特殊條款數量對債務主體會計穩健性具有正效應。本研究為不同締約主體以及政府監管部門防范債券違約風險、治理違約事件、提高債券契約執行效率提供理論參考與經驗借鑒。

Based on the perspective of the protection of bondholders’ interests,this paper studies the impact of the special bond covenants on accounting conservatism and moderating effect of bond credit rating by using the special covenants manually collected from the corporate bonds issued by Shanghai and Shenzhen A-share listed companies from 2007 to 2016.And we explore the mechanism of special covenants of corporate bonds on the accounting conservatism based on the perspective of corporate governance and agency conflict.The results show that the number of special bond covenants has a significant positive impact on the accounting conservatism of the bond issuer;The lower the bond rating,the greater the positive effect of the special covenants of corporate bonds on accounting conservatism.The further research show that the positive effect of the number of special bond covenants on accounting conservatism exist in the case of state-owned enterprises,and the companies with lower corporate governance and serious agency conflicts.This research provides theoretical reference and experience for different contracting parties and government supervision departments on how to prevent bond default risk,handle default events,and improve execution efficiency of bond contract.