来源：市场资讯
（来源：经济管理学刊）
近日，据JIBS官网显示，来自香港中文大学（深圳）经管学院的张博辉教授、上海交通大学安泰经管学院的傅仁辉教授、东华大学旭日工商管理学院的高芳教授，以及东北财经大学会计学院的王彦慧教授合作撰写的论文“ Bond Market Liberalization and Corporate Investment”在国际商务顶刊 Journal of International Business Studies 线上正式发表。
# 论文简介 #
Title：
Bond Market Liberalization and Corporate Investment
Author：
Renhui Fu, Fang Gao, Yanhui Wang, Bohui Zhang
Abstract：
Limited evidence exists on the real effects of bond market liberalization, particularly on corporate investment behavior. This study examines the impact of bond market liberalization on corporate investment, exploiting the 2017 launch of China’s Bond Connect—which allows foreign investors to directly participate in the interbank bond market—as a quasi-natural experiment that increases firms’ exposure to foreign debtholders. Using a difference-in-differences design, we find that bond market liberalization constrains corporate investment. Channel analyses reveal that this effect operates through tighter bond covenants, higher reputation costs, and increased litigation risk imposed by foreign bondholders. Consistent with a governance-based interpretation, the investment-reducing effect is more pronounced among firms with weaker governance structures, including fewer independent directors and less effective internal control systems. Importantly, the decline in investment is concentrated in overinvestment rather than value-enhancing projects, indicating that foreign bondholders discipline managerial empire-building without inducing excessive conservatism. Correspondingly, firms experience lower default risk, reduced credit spreads, and higher firm value following liberalization. Overall, our findings highlight the distinct, non–ownership-based governance role of foreign debtholders and suggest that bond market liberalization can foster efficiency and financial stability in emerging markets characterized by relatively weak domestic institutions.
标题：
债券市场自由化与企业投资
中文摘要：
关于债券市场自由化的实际影响，尤其是对企业投资行为的影响，现有证据十分有限。本研究以2017年中国“债券通”的启动为契机——该机制允许境外投资者直接参与银行间债券市场，从而提高了企业对外国债券持有人的敞口——将其视为一次准自然实验，考察债券市场自由化对企业投资的影响。采用双重差分设计，我们发现债券市场自由化抑制了企业投资。渠道分析表明，这一效应通过外国债券持有人施加的更严格债券契约、更高声誉成本和更大诉讼风险而发挥作用。与基于治理的解释一致，投资抑制效应在治理结构较弱的企业中更为显著，包括独立董事较少和内部控制体系有效性较低的企业。重要的是，投资下降主要集中在过度投资而非增值型项目上，这表明外国债券持有人约束了管理层的帝国建造行为，但并未引发过度保守主义。相应地，自由化后企业面临更低的违约风险、缩小的信用利差和更高的企业价值。总体而言，我们的研究结果凸显了外国债券持有人独特的、非基于所有权的治理角色，并表明在境内制度相对薄弱的新兴市场中，债券市场自由化能够促进效率提升和金融稳定。
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