“债券通”对会计信息可比性的影响研究

The Effect of “Bond Connect” on Comparability of Accounting Information

摘要: 2017年7月3日，“债券通”正式上线运行，开启了国内债券市场对外开放的重要一步，为国内债券市场引入了大量境外投资者。本文以“债券通”的实施作为外生事件，基于双重差分模型实证检验“债券通”政策对于会计信息可比性的影响，研究发现：“债券通”的实施显著提高了上市公司会计信息可比性。“债券通”政策使内地与香港的债券市场接轨，通过汲取香港市场与国际金融市场互联互通过程中的经验，内地债券市场不断完善信息披露机制，为境内外投资者提供高质量会计信息，提高会计信息可比性。以“债券通”的基础设施作为铺垫，未来随着更多的境外投资者参与内地债券市场，我国金融市场将进一步对外开放。

Abstract: On July 3, 2017, the “Bond Connect” was officially put into operation, marking an important step in the opening up of the domestic bond market and introducing a large number of foreign investors to the domestic bond market. This paper takes the implementation of “Bond Connect” as an exogenous event, empirically tests the impact of “Bond Connect” policy on the comparability of accounting information based on the differential model, and finds that: the implementation of “Bond Connect” significantly improves the comparability of accounting information of listed companies. Via the “bond” policy of the mainland and Hong Kong bond market, through absorbing the Hong Kong market experience in the process of connectivity with the international financial markets, the mainland bond market constantly improve the information disclosure mechanism, provides the high quality accounting information for the domestic and overseas investors, then improves the comparability of accounting information. Via the infrastructure of “Bond Connect” as bedding, more overseas investors will participate in the mainland bond market in the future, financial market of China will be more approachable.