Impact of Comprehensive Income Disclosure on Debt Holder Pricing in the Context of De-Realization
CAO Zeyong，ZHANG Junrui，SU Yang，LI Wenting
1. Xi’an Jiaotong University, Xi’an, China; 2. Xi’an Jiaotong University City College, Xi’an, China; 3. Longi Green Energy Technology Co., Ltd., Xi’an, China
Abstract：From the research perspective of the usefulness of accounting information for decision-making, this study examines the impact of comprehensive income disclosure on the debt holder pricing. Using the Chinese A-share listed companies from 2014 to 2020 as samples, this study empirically examines the relationship between other comprehensive income levels and debt financing costs in the context of de-realization. The empirical study finds that the proportion of other comprehensive income in total comprehensive income has a risk disclosure effect, which can alleviate information asymmetry in debt financing, leading to a significant positive correlation between the levels of other comprehensive income and the costs of debt financing. The financialization of enterprises can provide a reference for this pricing effect, with the positive correlation mainly occurring in non-financial enterprises with a higher degree of de-realization. The levels of other comprehensive income mainly increase the costs of debt financing by reducing accounting conservatism and increasing the risk premium demanded by debt holders.
曹泽勇，张俊瑞，苏洋，李文婷. “脱实向虚”背景下综合收益披露对债权人定价的影响[J]. 管理学报, 2024, 21(8): 1247-.
CAO Zeyong，ZHANG Junrui，SU Yang，LI Wenting. Impact of Comprehensive Income Disclosure on Debt Holder Pricing in the Context of De-Realization. Chinese Journal of Management, 2024, 21(8): 1247-.
