{"title":"Exploring the mechanism of regional ecological legal governance's impact on corporate bond credit spreads","authors":"Zheyu Dai , Jian Liu","doi":"10.1016/j.frl.2024.106338","DOIUrl":null,"url":null,"abstract":"<div><div>This study selects corporate bonds publicly issued in China's exchange market from 2012 to 2022 as the core analysis objects, aiming to deeply dissect the mechanism of how the regional ecological legal system affects corporate bond credit spreads. The research findings indicate that the establishment of intermediate environmental courts has effectively reduced investors' risk premiums for enterprises. Meanwhile, in the context of the establishment of these courts, environmental regulations have become a key factor in lowering corporate risk premiums, exerting a significant mediating effect.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106338"},"PeriodicalIF":7.4000,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612324013679","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
This study selects corporate bonds publicly issued in China's exchange market from 2012 to 2022 as the core analysis objects, aiming to deeply dissect the mechanism of how the regional ecological legal system affects corporate bond credit spreads. The research findings indicate that the establishment of intermediate environmental courts has effectively reduced investors' risk premiums for enterprises. Meanwhile, in the context of the establishment of these courts, environmental regulations have become a key factor in lowering corporate risk premiums, exerting a significant mediating effect.
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