关键词: 信息不确定, 信息不对称, 信用利差, 企业债券

Abstract: According to the corporate bond issuance process, the information asymmetry is divided into two types: one is the information asymmetry between the issuers and the investors; the other type is the information asymmetry between investors. This study examines the effects of information uncertainty and information asymmetry on corporate bond yield spreads using Chinese corporate bond data. Empirical results of this study show that investors charge a significant risk premium for both information uncertainty and information asymmetry when controlling for variables well known in the literature. The results are robust even when controlling for credit ratings and event date duration. Finally, information uncertainty and information asymmetries structural credit risk models to help explain the bond credit spreads. This study concluded that in order to better protect investors, regulatory authorities in strengthening corporate bond information disclosure regulation; it should also strengthen the supervision of information disclosure to investors.

Key words: Uncertainty Information, Asymmetry Information, Yield Spread, Corporate Bonds