Journal of Financial and Quantitative Analysis, Volume 53, Issue 5, October 2018

世俗对宗教的回报：宗教虔诚和公共与私人债务的成本

作者：Feng Jiang (University at Buffalo, USA),

Kose John (New York University, USA),

C. Wei Li (University of Iowa, USA),

Yiming Qian (University of Iowa, USA)

摘要：我们发现一个公司的文化，特别是它的宗教信仰，影响了它的债务成本。处于宗教信仰较高郡中的公司信用评级较高，债务成本较低。对于具有较高程度的信息不对称和处于经济衰退时期的公司来说，宗教信仰的影响更大。此外，宗教信仰对银行贷款成本(但不包括公共债券成本)的解释能力超出了评级对贷款成本的影响。这个结论支持了一种观点，即银行在为软信息(如企业文化)定价方面具有优越的能力。最后，当贷款方是一家小银行时，宗教的影响会更大。

Earthly Reward to the Religious: Religiosity and the Costs of Public and Private Debt

Feng Jiang (University at Buffalo, USA), Kose John (New York University, USA), C. Wei Li (University of Iowa, USA), Yiming Qian (University of Iowa, USA)

ABSTRACT

We document that a firm’s culture, specifically, its religiosity, affects its cost of debt. Firms in higher-religiosity counties have higher credit ratings and lower debt costs. The impact of religiosity is stronger for firms with greater information asymmetry and during recessions. Further, religiosity has additional explanatory power for the cost of bank loans (but not the cost of public bonds) beyond its impact through ratings. This supports the argument that banks have superior abilities in pricing soft information, such as corporate culture. Finally, the impact of religiosity is stronger when the lender is a small bank.

原文链接：https://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-analysis/article/earthly-reward-to-the-religious-religiosity-and-the-costs-of-public-and-private-debt/CE4A1A4CF86E46AB1AA8047A3493D4EE

翻译：阙江静