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The impact of underwriter reputation on corporate financing costs under the bond registration system reform

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  • Wu, Yunyun
  • An, Haifeng
  • Guo, Yanan

Abstract

This study focuses on publicly issued corporate bonds in China's exchange market between 2016 and 2023, aiming to examine the influence of underwriters' reputation on corporate financing costs and its underlying mechanisms across different issuance systems. The results indicate that underwriters' reputation has a more pronounced effect on bond issuance spreads following the implementation of the registration system reform. Additionally, the impact of underwriters' reputation on bond issuance spreads varies, with a more significant difference observed in non-state-owned enterprises before and after the reform in terms of their ability to influence bond spreads.

Suggested Citation

  • Wu, Yunyun & An, Haifeng & Guo, Yanan, 2025. "The impact of underwriter reputation on corporate financing costs under the bond registration system reform," Finance Research Letters, Elsevier, vol. 77(C).
    • Handle: RePEc:eee:finlet:v:77:y:2025:i:c:s1544612325003496
    DOI: 10.1016/j.frl.2025.107086
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    References listed on IDEAS

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    Cited by:

    1. Luo, Ruixin & Fu, Rong, 2025. "CEO legal liability, financing cost, and Firms’ S&T innovation efficiency," Finance Research Letters, Elsevier, vol. 86(PA).
    2. Gang Kou & Serkan Eti & Serhat Yüksel & Hasan Dinçer & Merve Acar & Edanur Ergün & Harun Çetinkaya, 2026. "Advancing financial innovation in energy poverty solutions: a koch snowflake-based fuzzy decision support system," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 12(1), pages 1-21, December.
    3. Cao, Xinrui & Zeng, Xianpeng, 2025. "Can registration system reform mitigate asset mispricing?," Finance Research Letters, Elsevier, vol. 83(C).
    4. Jiang, Weiwei & Liu, Bingru, 2025. "Registration reform: A game-changer for corporate financial discipline?," Finance Research Letters, Elsevier, vol. 85(PE).

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