关键词:

Abstract: We select nonfinancial companies that issue bonds in Shanghai and Shenzhen Ashare market from 2012 to 2017 as our sample and explore the influence of text tone on bond credit spreads. According to the characteristics of Chinese accounting textual disclosure, we have established a dictionary suitable for Chinese financial market accounting text analysis, and applied textual analysis to obtaining the tone of “Management Discussion and Analysis” in the annual reports of Ashare nonfinancial listed companies in China. Empirical results show that the more positive the accounting textual tone is, the smaller the bond credit spread tends to be. We also find that the influence of accounting textual tone on bond credit spreads is limited by analyst coverage. A higher level of analyst coverage would weaken the influence of textual tone on bond financing cost. Further subsample analysis shows that the bond market reacts more strongly to the stateowned companies and companies with lower equity concentration The empirical evidence provides implications to bond pricing.

Key words: textual tone , corporate bond credit spread , information asymmetry , analyst coverage