中文摘要：

文章研究了股票市场投资者情绪对债券融资成本的影响。基于股票市场和债券市场的联动机制，股票市场过度乐观的投资者情绪或者传染到债券市场，或者理性投资者为规避泡沫风险而投资债券套利，两者都会提高债券的需求，从而降低债券的融资成本。实证结果表明，债券发行决策时股票市场投资者情绪越高，债券发行利率就越低；这一作用对信用等级高、经营业绩好、政府控股的企业以及含股权选择的债券影响更加显著，从而支持了理性套利假说；股票市场投资者情绪与企业债券融资倾向正相关，从而进一步支持了投资者情绪更高时债券融资成本更低的结论。

英文摘要：

This paper studies the impact of investor sentiment in stock markets on bond issue costs. Based on the joint-action mechanism between stock markets and bond markets, the overoptimistic sentiment from stock markets would spread to bond markets, or the rational investors would hedge through bonds to avoid the bubble risk, both of which would inflate the demand for bonds and consequently decrease bond issue costs. Empirical results show that higher investor sentiment in stock markets results in lower bond issue costs. The effect is more significant with regard to firms with higher credit rating, better accounting performance and controlled by gov- ernments, and bonds with a convertible option, thereby supporting the hy- pothesis of rational arbitrage. And the investor sentiment in stock markets is positively related to corporate propensity to bond financing, thereby sup- porting the conclusions abovementioned.