四川大学硕士学位论文
本文的实证结果显示，上市公司股票错误定价与债券融资成本密切相关：
（1）上市公司股票错误定价和债券融资成本呈显著正相关关系，即股价高估程
度越高，上市公司债券融资成本就越高；（2）较低的信息披露质量能够放大信
息不对称程度，增加代理成本，影响市场定价的有效性，从而加剧股票错误定
价对债券融资成本的影响；（3）高质量的外部审计和完善的内部控制能够减少
利益相关者和管理者之间的信息不对称，降低代理成本，有效地缓解股票错误
定价对债券融资成本的影响。
关键词：股票错误定价，股价高估，债券融资成本，信息披露质量，内部
控制与外部审计
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四川大学硕士学位论文
The Impact of Stock Mispricing on Bond
Financing Cost
Major：Finance
Postgraduate：Tingran Huang
Supervisor： Liang Wu professor
Abstract： Bond financing is not only an important financing way for
enterprises, but also an important link between capital market and real economy.
Among them, the topic about the cost of bond financing is also the focus of
academic circles. In the past studies, scholars mostly studied the cost of bond
financing from three angles: microscopic characteristics, corporate governance
characteristics and bond characteristics, but seldom considered the linkage effect of
stock market performance on bond market. As one of the common phenomena in the
capital market, stock mispricing is closely related to the level of corporate
governance. Jensen(2004) systematically expounded the principal-agent cost caused
by stock mispricing for the first time, which pioneered the research and laid a solid
foundation for subsequent related research.
There is a close interaction between stocks and bonds, and the existence of
stock mispricing not only adds complexity to corporate management, but also affects
corporate bond financing. What is the relationship between stock mispricing and
bond financing cost? How will the level of corporate governance affect the
relationship? In order to explore the above problems, this paper attempts to explore
the impact of stock mispricing on bond financing costs from the perspective of
corporate governance.
First of all, this paper combs the related literature of stock mispricing and bond
financing cost, and clarifies the definition, influencing factors and measurement
methods of stock mispricing and bond financing cost. Furthermore, on the basis of
the existing literature, the theoretical mechanism of the relationship between stock
mispricing level and bond financing cost of listed companies is analyzed, and the
hypothesis to be tested is put forward. Then, the basic data of corporate bonds issued
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四川大学硕士学位论文
by listed companies in Shanghai and Shenzhen from January 2015 to December
2019, the stock price data and the corresponding corporate financial information are
selected as research samples, and the relationship between stock mispricing and
bond financing cost of listed companies is discussed through empirical analysis. The
moderating effects of information disclosure quality, internal control and external
audit on stock mispricing and bond financing cost are further considered.
The empirical results of this paper show that the mispricing of listed companies
is closely related to the cost of bond financing: (1) There is a significant positive
correlation between the mispricing of listed companies and the cost of bond
financing, that is, the higher the overvalued stock price, the higher the cost of bond
financing of listed companies; (2) The lower quality of information disclosure can
enlarge the degree of information asymmetry, increase agency costs and affect the
effectiveness of market pricing, thus aggravating the impact of stock mispricing on
bond financing costs; (3) High-quality external audit and perfect internal control can
reduce information asymmetry between stakeholders and managers, reduce agency
costs, and effectively alleviate the impact of stock mispricing on bond financing
costs.
Keywords:Stock Mispricing, Overvaluation of stock price, Bond Financing,
Quality of Information Disclosur, Internal Control and External Audit
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