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

摘要： 本文选取2012—2017年在中国A股市场发行债券的非金融企业为样本，探讨了会计文本语调对债券信用利差的影响。本文建立了适用于中国金融市场的情感词典，并使用文本挖掘技术量化了管理层语调。研究发现：积极的管理层语调能够显著降低债券信用利差。且分析师关注度越高，管理层语调与债券信用利差之间的负向关系越弱。此外，债券市场对国有性质和低股权集中度企业的管理层语调反应更强烈。本文为会计文本语调与债券定价研究提供了有益的启示。

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