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中文摘要：
本文以2007—2013年中国A股公司中发行了企业债券的非金融类上市公司为样本,实证检验了公司破产而形成的社会成本对公司债券信用风险的影响。研究发现：企业所承担的破产社会成本越大,所发行的公司债券信用风险会越小。进一步的研究表明,随着市场化进程的深入和地区失业率的减少,破产社会成本对公司债券信用风险的影响程度会变弱。
英文摘要：
This paper chooses the non-finance listed companies which issued corporate bonds from the year 2007 to2013 as sample to test the influence of corporate bankruptcy social cost on bond credit risk in various aspects. The results show that the higher the bankruptcy social cost is,the lower the credit risk of corporate bonds is. Further study shows that with the processing pace of marketization and the reducement of regional unemployment,the degree of influence of bankruptcy social cost on corporate bond credit risk becomes weaker.
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